Rating agency ICRA
has downgraded rating for various group companies of IL&FS, showing cascading effect of liquidity pressure and leverage faced by group holding company and power sector entity.
has downgraded the long term rating for nonconvertible debentures of IL&FS
Solar Power Ltd from "A_"- (SO)" to "BBB(S0)". SO stands for the Structured obligations on parent to pay.
also reassigned the longterm rating for debentures of IL&FS
Wind Energy Limited (IWEL) from "A+" to "BB+". This instrument also carries Structured obligations. The outlook on the rating has been revised from Stable to Negative, ICRA
said in statement.
The debentures of IL&FS
Tamil Nadu Power Company Ltd downgraded from "A+" to "BBB". The outlook on the ratings is revised from Stable to Negative.
has downgraded the rating for structured nonconvertible debenture
(NCDs) of IL&FS
Transportation Networks Ltd (ITNL) from "AA(SO)" to "BB (SO)". The rating continues to remain in the ‘Issuer Not Cooperating’ category, ICRA