July 17, 2017 / 5:29 AM / 7 days ago

BUZZ-India's Fortis Healthcare, Religare fall; India Ratings downgrades holding co NCDs

1 Min Read

** Shares of Fortis Healthcare Ltd and Religare Enterprises Ltd fall as much as 12.8 pct and 8.9 pct, respectively

** India Ratings and Research downgrades some non-convertible debentures (NCDs) and loans held by RHC Holding Pvt Ltd (RHC), which owns shares in Fortis and Religare, to default levels of "IND D" and "IND C" bit.ly/2utLk3f

** Previously the credit ratings agency had rating of "IND A" for some of RHC's NCDs and loans, while others were unrated

** India Ratings says RHC defaulted on coupon obligations for NCDs due on June 27, amounting to principal of 2 billion rupees ($31.08 million)

** "The downgrade of ratings on other debt instruments reflects an impaired debt servicing capability due to a stretched liquidity position," says India Ratings

** Fortis shares hit their lowest since Feb 12, 2016; stock down 9.9 pct this year as of Friday's close

** Religare shares down 54.6 pct this year as of Friday's close ($1 = 64.3450 Indian rupees)

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