Long term bank facilities - CARE BB; Negative (downgraded from CARE BBB-; Negative)
NCD - CARE BB+; Negative (downgraded from CARE BBB-; Negative)
Long term instrument - CARE BB; Negative (downgraded from CARE BBB-; Negative)
Subordinate bonds - CARE BB; Negative (downgraded from CARE BBB-; Negative)
Ratings rationale - The revision in the ratings assigned to the long-term bank facilities and non convertible debentures (NCDs) of IFCI Ltd., factors in sharp deterioration in the Company's capitalization profile, worsening asset quality metrics, high borrower wise loan book concentration and persistently weak profitability metrics and IFCI's stretched liquidity position having negative cumulative mismatches.
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