 "CARE downgrades Reliance Capital bonds' rating from 'A' to 'BBB'")
CARE Ratings has downgraded Reliance Capital’s (RCap’s) long-term debt and subordinated debt rating by three notches from “A” to “BBB” due to reasons including defaults by two of its subsidiaries — Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL). The agency also said it would keep the firm on credit watch with developing implications.
A statement from RCap, meanwhile, protested the downgrade that put its credit score two notches above junk. In the statement the company said it had repaid Rs 650 crore of non-convertible debentures that were due on May 17. “There has not been any adverse change in
