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| Crisil revises Citi rating outlook to negative |
| BS Reporter / Mumbai Mar 17, 2009, 00:46 IST |
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Crisil has lowered the long-term rating outlook on Citibank India and three other Indian affiliates from stable to negative, based on a similar action initiated by Standard and Poor’s last month.
In a statement, the Indian rating agency, however, said that long-term rating and the short-term rating and outlook were being reaffirmed. The three Indian affiliates included Citicorp Capital Markets, Citicorp Finance (India) and Citicorp Maruti Finance.
On February 27, S&P had observed that its revision in outlook reflected the fact that debt holders might have to participate in further US Government-led restructuring actions if Citigroup’s turnaround strategies were unsuccessful.
Crisil also removed its ratings on the debt instruments, excluding bank facilities, of Citifinancial Consumer Finance India from rating watch with negative implications, and has revised the ratings to ‘AA+(so)/AA+r(so)/P1+(so)’ from ‘AA+/AA+r/P1+’. The rating outlook was negative, it said.
The rating revision factored in the revised terms and conditions of the instruments under which Citigroup has provided an unconditional and irrevocable guarantee in favour of the trustees to the debt instruments. The rated long- and short-term debt instruments of Citifinancial India consisted of equity-linked and non-convertible debentures. The ratings were placed on watch on January 21.
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