How credit rating agencies played ball with IL&FS senior management

“Attached is the edited rating rationale. Please let us know if there are any other changes required from your end.” This email from a credit-rating agency (CRA) to an employee of Infrastructure Leasing & Financial Services (IL&FS) sums up the huge manipulation done by both the parties to hide the financial trouble at the group.    A draft report by Grant Thornton (GT), which was submitted to IL&FS on Thursday, shows that ratings were upgraded after former IL&FS executives met officials of rating agencies. The report has reviewed the role of five rating agencies &md.....

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