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S&P trims Hero FinCorp
S&P said it lowered its rating on Hero FinCorp Ltd. to BB+/B from BBB-/A-3.
“We downgraded Hero FinCorp because we believe the financially stronger parent Hero MotoCorp's ability to support the rating on Hero FinCorp has diminished, although its willingness remains unchanged. Hero MotoCorp's automotive sales and revenues have declined because of negative macroeconomic factors over the past 12 months,” the agency said in a press release.
“We expect the decline and the tough operating conditions to continue over the next few quarters given the impact of the Covid-19 outbreak,” S&P said.
The outlook is stable.
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