Reliance Capital’s rating downgrade puts its $5 billion debt at risk, says report
Updated : September 23, 2019 09:38 AM IST
Care cited a delay in coupon payments on several of the lender’s non-convertible debentures (NCDs) as the reason for its downgrading.
Reliance Capital had stated that its debt stood at about $5 billion as of September.
The downgrade 'will precipitate a chain sequence of events that will gravely harm the interests of millions of retail and institutional investors having direct or indirect exposure to the securities of the company,' said Reliance Capital.