Credit rating agency, ICRA has revised the ratings of debt instruments of IFCI. The ratings on Fund Based Bank Limits has been revised from ‘A’ to ‘A-’, Long Term Bonds (including Subordinate Debt) revised from ‘A’ to ‘A-’ and Bonds / NCD (Public Issue) revised from ‘A’ to ‘A-’. The outlook on these Long Term Ratings is negative.
Besides, the rating on Short Term Instruments-Commercial Papers has been revised from ‘A1+’ to ‘A1’.
IFCI was established with intent to provide long-term finance needs of the industrial sector. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.
