You are here: Home » Companies » News
Business Standard

More trouble for IL&FS as ICRA downgrades rating for its various units

The rating action follows the significant weakening of the financial risk profile of the parent company-IL&FS

Abhijit Lele  |  Mumbai 

IL&FS, Infrastructure Leasing and Financial Services, Mumbai

Rating agency has downgraded rating for various group of IL&FS, showing cascading effect of liquidity pressure and leverage faced by group holding company and power sector entity.

The rating action follows the significant weakening of the financial risk profile of the parent company-(IEDCL) and the ultimate holding company Ltd (IL&FS).

has downgraded the long term rating for nonconvertible debentures of Solar Power Ltd from "A_"- (SO)" to "BBB(S0)". SO stands for the Structured obligations on parent to pay.

also reassigned the longterm rating for debentures of Wind Energy Limited (IWEL) from "A+" to "BB+". This instrument also carries Structured obligations. The outlook on the rating has been revised from Stable to Negative, ICRA said in statement.

The debentures of downgraded from "A+" to "BBB". The outlook on the ratings is revised from Stable to Negative.

ICRA has downgraded the rating for structured nonconvertible (NCDs) of (ITNL) from "AA(SO)" to "BB (SO)". The rating continues to remain in the ‘Issuer Not Cooperating’ category, ICRA said.

First Published: Mon, September 10 2018. 22:31 IST
RECOMMENDED FOR YOU