CARE Puts IFCI On Rating Watch With Negative Implications

Mumbai, April 24: | Updated: Apr 25 2002, 05:30am hrs
Rating agency Care on Wednesday placed the outstanding ratings on Industrial Finance Corporation of India’s (IFCI) long- and medium-term debt issues on “credit watch with negative implications”.

“With the information received and more information sought for, we will be reviewing the ratings again very soon,” said Care’s executive director Rajesh Mokashi adding that the current status indicated that a downgrade was on the cards.

Care’s action follows that of Icra on Tuesday and that of Fitch Ratings India (Fitch) a little earlier. On Tuesday, Icra had downgraded the short-, medium- and long-term rating of IFCI to “A4”, “MB” and “LBB” from “A2+”, “MA” and “LA-”, respectively, and kept it on “rating watch with negative implications”.