Further clarity is awaited on the timing of these inflows and given the sizeable repayment obligations of the group's debt, this remains a key rating sensitivity in the near term.
The ratings also factor in company's elevated debt levels owing to the funding commitments towards Group ventures coupled with slow progress on asset monetisation and deterioration in the credit profile of key investee companies.
The IL&FS Group is in midst of deleveraging its balance sheet and streamlining the portfolio. The ratings, however, continue to factor in IL&FS' long history of business operations in the infrastructure space, domain expertise of its senior management and its strong institutional promoters.
Over the years, IL&FS' focus has steadily shifted from project sponsorship to that of project advisory and project facilitator for development and implementation of projects.