DHFL commercial paper downgraded to ‘default’ by Icra, Crisil – Times of India
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The first commercial paper maturity is on June 7. "With liquidity inadequate as on date to service debt and visibility very low on timely fund-raising, Crisil expects the commercial paper to be in default on maturity." For arriving at the rating, Crisil has evaluated the standalone business and financial risk profiles of DHFL.
NEW DELHI: Shares of Dewan Housing Finance Corporation plunged as much as 15 per cent to Rs 94.90 in early deals on Thursday after many rating agencies downgraded the commercial papers (CP) issued by the debt-laden company to default. Rating agencies Crisil, CARE and ICRA have downgraded commercial papers (CP) issued by DHFL to default or ‘D’ category after the company missed an interest payment on its non-convertible debentures (NCDs) on Tuesday.
For DHFL, the asset-liability mismatch and the credit squeeze should have raised an alarm. Grant Thornton was asked by the.
Credit Rating Agencies in India How Credit Rating agencies CRISIL, ICRA, BWR. body by calculating its ability to repay the debt and to predict the likelihood of default.. How much time does it take for the rating process to be over?. Earlier, Crisil had lowered its rating on DHFL commercial papers (CPs) worth Rs 850.
Read more about Crisil downgrades DHFL’s commercial papers to ‘default’ from A4+ on Business Standard. The downgrade comes after reports of default by the company in paying interest to the tune of Rs 900-1,000 crore of NCDs
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ICRA, an affiliate of Moody’s, and Standard & Poor’s local unit CRISIL on Wednesday downgraded DHFL’s commercial paper to their lowest level after the lender, a part of the country’s troubled.
On June 5, both ICRA and CRISIL downgraded the commercial paper of DHFL to [ICRA] D and CRISIL D, respectively, on account of delay in servicing the scheduled debt obligation worth Rs 950 crore.
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Global credit rating agencies Crisil and Icra on Wednesday downgraded the rating on the commercial paper (CP) of Dewan Housing Finance Corporation (DHFL), as the company delayed in servicing its debt due to inadequate liquidity.