But, unlike a downgrade (following delay in interest payment that shaved a slice of their investments), Tuesday’s interest payment did not improve the fortunes of investors Why? It is constantly under media glare and there are reports of the government issuing look out notices on promoters. Under the circumstances, rating companies would upgrade DHFL only after they are adequately convinced that financials have improved. “Unlike IL&FS, rating companies were comparatively more vigilant on DHFL... And, rating agencies are on the backfoot...

Source: Economic Times June 12, 2019 01:33 UTC