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Last Updated : Dec 04, 2019 09:55 AM IST | Source: Moneycontrol.com

IFCI slips on rating downgrades by ICRA

The outlook on long term ratings is negative.

IFCI share price was down 1.5 percent in early trade on December 4 after rating Agency ICRA revised the ratings of debt instruments of the company.

ICRA has revised its rating of the company's fund based bank limits, long term bonds (including Subordinated Debt) and bonds / NCD (Public Issue) from ICRA BBB to ICRA BBB-.

The outlook on these long term ratings is negative.

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However, the rating agency has revised the rating on short term instruments- commercial paper rating from ICRA A3+ to ICRA A3.

The rating rationale for downgrade has essentially factored the requirement of capital infusion, divestment from non-core assets (including investment in subsidiaries), stepping up the recovery from NPA to support capital and liquidity profile, as per company release.

On December 2, the company said that it had received bids for sale of its entire stake in the NSE.

At 0932 hrs, IFCI was quoting at Rs 7.03, down Rs 0.08, or 1.13 percent on the BSE.

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First Published on Dec 4, 2019 09:55 am
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