As Debt Woes Spread, India's IL&FS Ratings Cut to Lowest Levels
- Infrastructure firm’s debt downgraded to D at ICRA and Care
- IL&FS started missing debt deadlines late last month
Vocational training at the Infrastructure Leasing & Financial Services (IL&FS) Institute of Skills in New Delhi
Photographer: Prashanth Vishwanathan/Bloomberg
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The Indian infrastructure finance and construction firm that has rocked the nation’s credit markets with rare defaults had some of its credit ratings cut as low as they can go, as more debt deadlines loom.
Infrastructure Leasing & Financial Services Ltd., which helped fund India’s longest tunnel, started missing deadlines on short-term debt instruments late last month. In light of those developments, ICRA and Care Ratings cut their scores on several debt instruments of the firm to D on Monday, indicating actual or imminent default.