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Brickwork Ratings lowers rating of Reliance Capital

PTI New Delhi | Updated on February 16, 2019 Published on February 16, 2019

Anil Ambani, Chairman, Reliance Capital

Lenders said that Reliance Group failed to make timely payments leading to sale of pledged shares

Reliance Capital on Saturday said Brickwork Ratings has revised downward rating to AA for long-term debt programme, market-linked debentures and subordinated debt of the company, primarily due to delay in monetising the non-core investments.

The company remains confident to be able to monetise some of these assets over the next two quarters and bring down the debt significantly, Reliance Capital said in a filing to stock exchanges.

The rating continues to factor RCap’s experienced management, well-diversified and growing business profile of companies (subsidiaries and associates) in the financial services segment, it said.

Shares of Anil Ambani-led Reliance Group’s three listed companies, including Reliance Capital, witnessed a sharp decline last week following sale of pledged shares by L&T Finance and Edelweiss Group.

Lenders said that Reliance Group failed to make timely payments leading to sale of pledged shares.

Published on February 16, 2019
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