The repayment schedule of the guaranteed debt has not yet been provided by Reliance Capital.
Hence, CARE does not have clarity on the impact of these payments on the liquidity profile of the company, it said.
In response, however, Reliance Capital said it "respectfully protests and disagrees with the revision".
"There has not been any adverse change in the company's operational parameters and/or any other circumstances from the time of the last rating action, just 7 weeks ago and hence latest revision is completely unjustified," it said.
Meanwhile, shares of Reliance Infrastructure
dipped 7 per cent intra-day to Rs 45 per share, having slipped 18 per cent in the past four trading days.