Sept 11 (Reuters) - India Ratings and Research cut its rating on Infrastructure Leasing & Financial Services’ non-convertible debentures (NCDs), the company said on Tuesday.
The ratings agency downgraded the NCDs of the infrastructure development and finance company to ‘IND BB rating watch negative’ from ‘IND AA+ rating watch negative’.
The downgrade comes after ratings agency ICRA cut its rating on the group’s debentures and long-term loans to BB, citing liquidity pressures.
Shares of the company’s units, IL&FS Investment Managers , IL&FS Transportation Networks and IL&FS Engineering and Construction Co, fell between 9 percent and 14 percent on Monday following the ICRA downgrade.
On Tuesday, IL&FS Engineering closed 7.4 percent lower.
$1 = 72.7250 Indian rupees Reporting by Chris Thomas in Bengaluru; Editing by Maju Samuel