 "IL&FS, Infrastructure Leasing and Financial Services, Mumbai")
Rating agencies have come under criticism from lenders, investor, and regulators for allegedly failing to spot the liquidity crisis brewing in the Infrastructure Leasing and Financial Services (IL&FS) group.
Senior public and private sector bankers said rating agencies — Icra, CARE and India Ratings — have been monitoring the activities of IL&FS, a holding entity of group, and its subsidiaries for long.
The expectation is that agencies will pick up signals about problems in time and issue a rating watch, followed by rating action. They have failed to act in time in this case.
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