ICRA, CARE, e. Sebi scoring a penalty to ratings

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Mumbai, Ta. 27 December 2019, Friday

Non-convertible debentures of Infrastructure Leasing and Financial Services Limited (IL&FS) mean that credit rating agencies, while rating NCDs, have credit rating agencies Ikra, Care and Lundy's market rates for each of them. (Sebi) is hitting.

In a order issued by the SEBI on Friday, the three credit rating agencies, Ikra Ltd, India Ratings and Research and Care Ratings Ltd, have announced a penalty for investors for failing to do the proper due diligence in rating these IL&FS NCDs.

These rating agencies declined to comment on the SEBI order. In this fierce case of penalizing rating agencies, SEBI has taken action against these agencies. It may be mentioned that SEBI has changed the credit rating agencies regulations six times in the last three years.

In the case of IL&FS Ratings, the SEBI rejected the settlement requests of the rating agencies on July 1. The petition had to allow credit rating agencies to make a settlement not to blame for their losses against the fees.

The matter came to light when IL&FS defaulted on its debt obligations on September 7. IL&FS has resulted in a liquidity crisis in the financial services market of the country. The default was the financial systems crisis of Rs.

It is worth mentioning that IL&FS was given a triple A rating by rating agencies India Ratings and Research, Ikra and Credit Analysis and Research Limited (CARE) when its subsidiary IL&FS Transport Networks defaulted in June.

The rating agencies did not change the rating despite the deterioration of the group's financial position such as stress in balance sheet, low cash flow, and inability to sell assets. Credit rating agencies gave NCDs issued by IL&FS only the highest Triple A rating on the basis of being a parent institution and guaranteeing IL&FS management.


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