ICRA's re-rating of commercial papers not merit-based: DHFL

Dewan Housing Finance Corporation Ltd (DHFL) Wednesday expressed concerns over ICRA's re-rating of its commercial papers (CPs) citing it is not merit-based and is unwarranted.

In a statement, DHFL clarified that ICRA "chose to go ahead" with rating action without considering the company's intent of extinguishing CP outstanding by the end of March which was well-acknowledged by ICRA in their press release