 "IL&FS, Infrastructure Leasing and Financial Services, Mumbai")
Rating agency ICRA has effected a multi-notch rating downgrade for IL&FS, which is facing liquidity pressure and overleverage. Its loans and debentures now carry “BB” (junk or non-investment status) as against the previous rating of "AA+". Also, the commercial paper carries "A4" rating against the previous rating of "A1+".
Ratings remain under watch with developing implications, ICRA said in a statement. Last month, ICRA had cut IL&FS' rating from "AAA" to "AA+" for loans and debentures.
Infrastructure Leasing & Financial Services (IL&FS) is a core investment company (CIC) and serves as the holding company of the IL&FS Group, with most
