Business Standard

Icra downgrades Edelweiss debentures on weakness in wholesale lending book

Agency says decision based on heightened risks from realty and structured debt deals across sectors; retains Al+ rating for company's CPs and short-term NCDs

edelweiss financial services
Premium

Edelweiss

Abhijit Lele Mumbai
Rating agency Icra has downgraded the long-term non-convertible debentures of Edelweiss Financial Services from "AA" to "AA-" on increased vulnerability in its wholesale lending book and risks of rise in stressed exposures.

The outlook on debentures remains negative, Icra said in a statement. The agency re-affirmed the Al+ rating assigned to the company's commercial paper and short-term NDCs. An Al+ rating indicates a very strong degree of safety regarding timely payment of financial obligations.

Icra said the rating action takes into account heightened risks from the underlying assets, consisting of real estate and structured debt transactions across sectors. The book is largely

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 26 2019 | 7:32 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com