Fitch cuts Indian financials

Fitch Ratings said it downgraded the long-term issuer default ratings of Shriram Transport Finance Co. Ltd. and Muthoot Finance Ltd. to BB from BB. It also downgraded India Infoline Finance Ltd. to B+ from BB-. Fitch placed all their ratings on rating watch negative. Fitch also placed the BB- long-term IDR of Manappuram Finance Ltd. on RWN.

“The rating actions reflect increasing macro-economic challenges for the Indian non-bank financial institution (NBFI) sector. These include the growing effects from measures to contain the Covid-19 pandemic, which will compound the tightening in funding conditions for NBFIs in recent weeks,” said Fitch in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.