Credit rating agency CARE Ratings has downgraded ratings of SREI Infrastructure Finance’s long term bonds and debentures on rise in non-performing assets (NPAs) and restructured assets. The rating for long term infrastructure bonds have been cut from ‘AA-’ to ‘A+’ and unsecured bonds from ‘AA-’ to ‘A’. The total long term bank facilities under rating are Rs 11,933 crore.
The rating revision takes into account subdued environment in the Indian economy especially in the infrastructure space, which has resulted in deterioration in asset quality of the company marked by rise in NPAs and restructured assets.
Srei Infrastructure Finance’s businesses include infrastructure equipment leasing and finance, infrastructure project finance, advisory and development, insurance broking, venture capital, capital market and Sahaj e -Village.
