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Crisil and IDFC have been at loggerheads since October last. That was when the rater first said the infrastructure financier ought to bulk up its capital base. With the lender yet to oblige, Crisil has downgraded it from AAA/Stable to AA+/stable.
The downgrade primarily reflects the delay in IDFC's capital-raising. As a result, the institution's capitalisation is likely to remain short of earlier expectations, and well below the levels that supported the earlier rating. IDFC is unlikely to raise fresh equity capital in the near term.
Given the GoI's infrastructure investment thrust, significant opportunities for providing finance in the infrastructure domain are expected in the next few years. In such a scenario, IDFC is likely to accelerate lending in an effort to maintain its market position in this segment. The delay in capital infusion, in combination with increased disbursements, will result in a reduction in capitalisation ratios over the medium term.
The ratings were the highest possible on expectations that internal accruals and capital infusion will help the company maintain its Tier I capital adequacy ratio in excess of 20% in the medium term. But, Crisil said, capital infusion has not been up to the mark.
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| Company Name | CMP |
|---|---|
| CRISIL | 4379.65 |
| ICRA | 5254.30 |
| Care Ratings | 1086.00 |
| View more.. | |
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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