How credit rating agencies played ball with IL&FS senior management

Emails cited by Grant Thornton show huge manipulation

“Attached is the edited rating rationale. Please let us know if there are any other changes required from your end.” This email from a credit-rating agency (CRA) to an employee of Infrastructure Leasing & Financial Services (IL&FS) sums up the huge manipulation done by both the parties to hide the financial trouble at the group.   

A draft report by Grant Thornton (GT), which was submitted to IL&FS on Thursday, shows that ratings were upgraded after former IL&FS executives met officials of rating agencies. The report has reviewed the role of five rating agencies — CARE, ICRA, India Ratings, Brickwork,