India Ratings downgrades IL&FS' debentures

IL&FS Investment Managers

11/09/2018 15:55

Sept 11 (Reuters) - India Ratings and Research cut its
rating on Infrastructure Leasing & Financial Services'
non-convertible debentures (NCDs), the company said on Tuesday.
    The ratings agency downgraded the NCDs of the infrastructure
development and finance company to 'IND BB rating watch
negative' from 'IND AA+ rating watch negative'.
    The downgrade comes after ratings agency ICRA cut its rating
on the group's debentures and long-term loans to BB, citing
liquidity pressures.  urn:newsml:reuters.com:*:nL3N1VW36E
    Shares of the company's units, IL&FS Investment Managers
 ILFS.NS , IL&FS Transportation Networks  ILFT.NS  and IL&FS
Engineering and Construction Co  ILFE.NS , fell between 9
percent and 14 percent on Monday following the ICRA downgrade.
 urn:newsml:reuters.com:*:nL3N1VW36E
    On Tuesday, IL&FS Engineering closed 7.4 percent lower.
    
($1 = 72.7250 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru; Editing by Maju
Samuel)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))