ICRA downgrades PTC Financial Services short-term rating over operations

Failure to improve business volumes may impact profitability of Delhi-based NBFC, says agency

Rating agency ICRA has downgraded short term ratings for PTC Financial Services (PFS) from “A1+” to “A1”, citing significant moderation in the company’s operations, weakness in asset quality and moderate profitability indicators.

PFS, a Delhi-based non-banking finance company (NBFC), was placed under watch in January 2022 with negative implications after its three independent directors resigned citing corporate governance lapses.

Two independent directors appointed in March 2022 resigned on December 3 citing corporate governance lapses.

The company has refuted the allegations and said it adheres to the best corporate governance practices under the guidance of its promoter, PTC India Ltd, the