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DHFL commercial paper downgraded to ‘default’ by Icra, Crisil – Times of India

DHFL shares tank nearly 16 per cent as Icra, Crisil downgrade ratings Description: Icra and Crisil downgraded the rating on Rs 850 crore worth of commercial paper of DHFL to ‘default’ from ‘A4’ due to the mortgage lender’s deteriorating liquidity condition.

NEW DELHI: Shares of Dewan Housing finance corporation plunged nearly 16 per cent on Thursday after many rating agencies downgraded the commercial papers (CP) issued by the debt-laden company to default. Rating agencies Crisil, CARE and ICRA have downgraded commercial papers (CP) issued by DHFL to default or ‘D’ category after the company missed an interest payment on its non-convertible debentures (NCDs) on Tuesday.

Mumbai, Jun 5 Domestic rating agencies Icra and Crisil Wednesday downgraded rating on Rs 850 crore worth of commercial paper of Dewan Housing Finance Corporation (DHFL) to ‘default’ from ‘A4’ due.

After DHFL’s bond repayment default, rating agencies Crisil and Icra had on Wednesday downgraded rating on its Rs 850-crore commercial paper to ‘default’ from ‘A4’. The rating revision factors in further deterioration in DHFL’s liquidity profile and delays in meeting scheduled debt obligation on June 4, 2019, Icra had said in a note.

The move by CARE Ratings follows a similar action by its peers CRISIL and ICRA on Wednesday, both of whom downgraded commercial paper (CPs) of DHFL to default’ after the lender delayed interest.

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Shares of Dewan Housing Financial Ltd (DHFL) plunged over 18 percent on Thursday after rating agencies Crisil and ICRA downgraded the company’s Rs 850 crore commercial paper (CP) to "D" from "A4+" and "A4" respectively. Care Ratings also downgraded its Rs 17,655 crore non-convertible debentures from ‘BBB-‘ to ‘D’ recently.

Dewan Housing Finance Limited (DHFL) has paid Rs 962 crore. domestic rating agencies ICRA and Crisil on June 6 downgraded the company’s rating on Rs 850 crore worth of commercial paper to ‘default’.

Mumbai: rating agency crisil has downgraded commercial papers (CP) issued by debt laden Dewan Housing Finance Corp Ltd to ‘default’ or ‘D’ category from A4+ after the company missed interest payment on its non-convertible debentures (NCDs) on Tuesday. DHFL’s downgrade to the default category is the first such by a rating agency.

Rating agencies Crisil, CARE and ICRA have downgraded commercial papers (CP) issued by DHFL to default or ‘D’ category after the company missed an interest payment on its non-convertible debentures (NCDs) on Tuesday.

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