IFCI debt issues on Care rating watch

Mumbai: The rating agency Care has placed the outstanding ratings on the Industrial Finance Corporation of Indias (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, says Care executive director Rajesh Mokashi. The current status indicates that a downgrade is on the cards.

Cares action follows that of Icra and Fitch Ratings India. 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.