 "housing, real estate")
Rating agency CARE has downgraded ratings for Dewan Housing Finance Corporation Ltd (DHFL’s) bonds, loans on moderation in financial flexibility for housing finance company. It is evidenced by sharp reduction in its share price and significant rise in bond spreads.
CARE cut ratings from “AAA” to “AA+” for debentures, loans and deposits. Rating for commercial paper (“A1+) has kept under watch with developing implications.
The stock prices and credit spreads were negatively affected for finance companies and housing finance companies post September 2018. Also, recent media news related to DHFL has further impacted market sentiment.
Last week, Cobrapost alleged that DHFL diverted loans
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