Credit rating agency, Credit Analysis & Research (CARE) has revised the rating assigned to different debt instruments issued by IFCI. CARE has revised Long Term Bonds & Debentures of IFCI to ‘A’ from ‘A+’.
The credit rating agency has also revised the rating of Subordinate Bonds and Long term Loans to ‘A-’ and ‘A’ respectively. Further, the ratings assigned to the Short term loans/Commercial Paper of the company has been revised to ‘A1’.
IFCI was established with an intention to provide long-term finance needs of the industrial sector. It got listed in the year 1993 changed its status from statutory corporation to a company. 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.
