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By CAREReligare Enterprises announced that CARE Ratings has revised the rating of Religare Finvest (RFL), a subsidiary of the Company, from 'CARE AA-(Outlook Negative) ' to 'CARE A' with respect to RFL's Non-Convertible Debentures (NCDs) of Rs. 332.05 crore. The outstanding amount of these NCDs as on date is Rs. 108.92 crore.
The revision in ratings of said NCD of RFL by CARE Ratings takes into account the issues as highlighted in the qualification/observations made by the auditors of RFL in the Audited Annual Financial Statements for FY 2016-17. Rating is further constrained by slowdown in disbursements and de-growth of loan portfolio, asset quality amid challenging competitive environment.
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