 "IL&FS, Infrastructure Leasing and Financial Services, Mumbai")
Infrastructure Leasing & Financial Services Limited (IL&FS) has lost the "AAA" rating for its non-convertible debentures (NCDs) and loans on elevated debt levels for the funding commitments towards group ventures.
Ratings agency ICRA has cut the long-term rating for IL&FS instruments (NCDs and terms loans) to "AA+". It, however, reaffirmed the "A1+" rating for commercial papers.
Both the ratings have been placed under 'watch with developing implications'.
In its statement, ICRA said the revisions take into account the company's elevated debt levels owing to the funding commitments towards group ventures.
While IL&FS has recognised opportunistic asset monetisation as a key strategic
