The ratings agency has also downgraded PNB Housing Finance's Rs 20,000-crore fixed deposit programme
The NCDs were downgraded to to “CRISIL AA/Stable” from “AA+/negative”.Ratings agency Crisil downgraded PNB Housing Finance’s non-convertible debentures (NCDs) worth Rs 5,700 crore and bank loan facilities worth Rs 4,000 crore to “CRISIL AA/Stable” from “AA+/negative”. The ratings agency has also downgraded the Rs 20,000-crore fixed deposit programme of the housing financier to FAA+/stable from FAAA/negative.
The ratings agency said the downgrade factors in “weakening of asset quality metrics due to slippages from some large developer accounts in the wholesale loan portfolio.”
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