Reliance Securities has informed that ICRA has revised its rating by one notch to A1 (on rating watch with negative implications) for the short-term debt programme of the Company. ICRA has stated this action is primarily due to revision of rating of the parent company, Reliance Capital. The Company considers the rating action completely unjustified and inappropriate. The Company also places on record the fact that the rating agency arbitrarily refused to provide the Company an opportunity to meet the members of the Review Committee and address any concerns, thereby turning the entire review process prescribed by SEBI into a futile, pointless and unfair exercise.
The above information is a part of company’s filings submitted to BSE.
