Covid-19 impact: Moody's takes rating action on three Indian NBFCs

Moody's Investors Service has taken rating actions on three Indian non-banking financial companies (NBFCs).

Hero FinCorp's local and foreign currency Baa3 issuer rating is placed under review for downgrade. India Infoline Finance's Ba3 corporate family rating, (P) Ba3 foreign and local currency senior secured MTN programme ratings and Ba3 senior unsecured debt rating are placed under review for downgrade.

Muthoot Finance's Ba2 CFR is affirmed and its outlook changed to negative from stable.

Moody's said the rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, volatile oil prices and asset price declines are creating a severe and