Reliance Capital protests rating downgrade, says it'll cut 50% debt in FY19

Reliance Capital Ltd., Anil Ambani’s financial services company, protested against a three-step downgrade by Care Ratings that put its credit score two notches above junk.

Care Ratings cut the firm’s long-term debt program to BBB from A and kept it on credit watch with developing implications, according to statements from Reliance Capital and the rating company on Saturday. Reliance Capital said it disagreed with the revision as Care didn’t fully factor in the impact of its plan to raise more than Rs 100 billion ($1.42 billion) via asset sales and “sharply cut” overall debt by more than half this financial