September 11, 2018 / 2:59 PM / 3 months ago

India Ratings downgrades IL&FS' debentures

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

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