 "Rating agencies: Derated and now berated")
The findings of the interim report of a forensic audit by Grant Thornton, an audit, tax and advisory firm, engaged by the board of the disgraced Infrastructure Leasing and Financial Services Ltd (IL&FS) — detailing the gifts and favours that the senior professionals of credit rating agencies (CRAs) have allegedly enjoyed to keep a rotting company on a high pedestal — exposed the soft underbelly of India’s rating industry.
Till the findings of the report trickled down in the media, the CRAs were criticised for basking in the cool comfort of their offices, oblivious of the ground realities; they miserably failed
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