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Brickwork Ratings India Pvt Ltd has downgraded the credit ratings on Dewan Housing Financial Corporation’s facilities/instruments, including secured non-convertible debentures and fixed deposits, aggregating ₹56,550 crore.
The downgrade is on account of limited progress in building up liquidity, selling/ exiting riskier construction finance loans, according to DHFL’s stock exchange notice.
The ratings on public issue of secured NCD (aggregating ₹29,000 crore) as well as secured NCD (aggregating ₹12,000 crore) and fixed deposits (aggregating ₹12,000 crore) has been downgraded from ‘AA’ to ‘AA-’, with both ratings carrying the ‘credit watch with negative implications tag’.
In the case of subordinate debt (aggregating ₹2,250 crore) and innovative perpetual debt instrument (aggregating ₹1,300 crore), the rating has been downgraded from ‘AA’ to ‘AA-’ and ‘from AA-’ to ‘A+’, respectively.
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