Daimler Financial Services India recasts loans worth Rs 1,399 crore

Daimler Financial Services India (DFSI), captive finance arm of Daimler AG, has restructured loans worth Rs 1,399 crore till September 2020, as certain accounts were under stress because of the economic slowdown. 

Auto financier granted additional secured funding to certain accounts that were under stress and made changes to the terms of original sanction. Therefore, these restructured assets were classified as gross non-performing assets (GNPAs), according to India Ratings and Research (Ind-Ra).

These restructured assets are regular in repayments. The GNPAs are predominantly from exposure to dealers and retail commercial vehicle portfolio. The rating agency affirmed DFSI’s long-term issuer rating at ‘AAA’ with a stable outlook. The affirmation reflects continued support to DFSI from its parent DAG and Daimler Group.