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.
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.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.