Reliance Capital protests after rating agency downgrades debt to 'default'

Debt-laden Reliance Capital Ltd has slammed an Indian credit rating agency's decision to downgrade its debt to "default" levels and warned the move would harm millions of investors.

CARE Ratings late on Friday downgraded the non-banking financial company's (NBFC) bonds to 'D' from 'BB', citing a one-day delay in coupon payments on several non-convertible debentures and stress in the group's liquidity position. Reliance, headed by business tycoon Anil Ambani, however, said funds had been arranged.....

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