Reliance Capital gets downgrade in credit ratings from CARE

Reliance Capital announced that CARE Ratings has downgraded the rating to CARE BB and revised rating outlook to Stable from credit watch with negative implications for long-term debt program,

CARE has stated this action is primarily due to revision in timelines for divestments and deterioration in standalone financial performance with increase in gearing and reduction in profitability due to impairment of assets.

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