DHFL commercial paper downgraded to ‘default’ by Icra, Crisil – ET RealEstate

DHFL commercial paper downgraded to ‘default’ by Icra, Crisil – ET RealEstate

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CRISIL downgrades rating on DHFL commercial paper over liquidity concerns · DHFL-exposed MF schemes suffer 30-50% drop in NAVs, Icra data shows. Crisil downgraded the CP of the housing finance firm to 'D' (Default) from. With liquidity inadequate as on date to service debt and visibility very low.

Shares of Dewan Housing Financial Corp Ltd (DHFL) plunged 10 percent on Friday, extending previous session’s fall, after rating agencies Crisil and Icra downgraded the company’s Rs 850-crore commercial paper to ‘D’ from ‘A4+’ and ‘A4’, respectively. Kapil Wadhawan, Chairman and MD of DHFL, has rapped the sharp downgrade by rating agencies.

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ICRA, an affiliate of Moody's, and Standard & Poor's local unit CRISIL on Wednesday downgraded DHFL's commercial paper to their lowest level after the. That implied DHFL was nearing or in default already.. CRISIL said its ratings downgrade of DHFL was driven by low visibility in raising funds and its.

A day after Crisil ratings downgraded commercial paper worth 850 crore. housing finance Corporation (DHFL), rating agency ICRA has followed suit.. The rating action comes even as it paid 838 crore as interest and principal. issued on private placement basis to assuage fears of another default.

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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.

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DHFL has outstanding commercial papers worth 850 crore.This was Crisil's fifth rating cut on the company's paper this year and Icra's fourth.

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Crisil, in a note, said the downgrade to ‘default’ or ‘D’ reflects delays in debt servicing by DHFL on some of its non-convertible debentures (NCDs) because of inadequate liquidity.

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