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Exclusive: From buying villas to football match tickets, here's how IL&FS got favourable ratings from credit rating agencies

Updated : July 22, 2019 02:02 PM IST

The report identified an email as dated as February 2008 sent by a manager at IL&FS to Ravi Parthasarthy indicating donation of Rs 25 lakh to be given to a trust where chairman of a rating agency was a managing trustee.
Thornton's report noted instances when credit rating agencies did not downgrade the ratings even after they initially decided to do so.
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