Last week, Yes Bank reported its maiden loss of over Rs 1,506 crore in the March quarter, driven by a near ten-fold spike in provisions. “With a sizeable increase in the share of BB and below-rated advances and the weakened capital cushions, rating outlook remains negative,” Icra said. Anil firmsIcra has also downgraded the short-term ratings of two entities of the Anil Ambani-led Reliance Capital — Reliance Home Finance and Reliance Commercial Finance. For Reliance Home Finance, where the agency has an outstanding rating on a Rs 1,200 crore commercial paper (CP) programme, the rating has been downgraded to junk grade of D from A4 with rating watch on negative implications. Icra rating on tier-II bonds worth Rs 7,900 crore has been downgraded to AA+ with a stable outlook, from AAA with a negative outlook.

Source: The Telegraph May 05, 2019 09:11 UTC