Rating Rationale
November 06, 2020 | Mumbai
IIFL Finance Limited
'CRISIL AA/Negative' assigned to NCD  
 
Rating Action
Total Bank Loan Facilities Rated Rs.2000 Crore
Long Term Rating CRISIL AA/Negative (Reaffirmed)
 
Rs.2500 Crore Non Convertible Debentures CRISIL AA/Negative (Assigned)
Rs.5000 Crore Non Convertible Debentures*# CRISIL AA/Negative (Reaffirmed)
Rs.325 Crore Non Convertible Debentures^ CRISIL AA/Negative (Reaffirmed)
Rs.2500 Crore Non Convertible Debentures^* CRISIL AA/Negative (Reaffirmed)
Subordinated Debt Aggregating Rs.498.37 Crore^ CRISIL AA/Negative (Reaffirmed)
Rs.1500 Crore Long Term Principal Protected Market Linked Debentures^ CRISIL PP-MLD AAr/Negative (Reaffirmed)
Rs.500 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
Rs.8000 Crore Commercial Paper^ CRISIL A1+ (Reaffirmed)
Rs.8000 Crore Commercial Paper Programme(IPO Financing)^ CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
^Transferred from India Infoline Finance Ltd
*Interchangeable between secured and subordinated debt
#For Retail Bond Issuance
Detailed Rationale

CRISIL has assigned its 'CRISIL AA/Negative' rating to the Rs 2,500 non-convertible debentures (NCDs) of IIFL Finance Limited (IIFL Finance; part of the IIFL Finance group) and reaffirmed its 'CRISIL AA/CRISIL PP-MLD AAr/Negative/CRISIL A1+' ratings on the existing debt instruments and bank facilities.
 
CRISIL has withdrawn its rating on subordinated bonds of Rs 150 crore (see Annexure: Details of rating withdrawn) on independent confirmation that these instruments are fully redeemed. This is in line with CRISIL's rating withdrawal policy.
 
On 26 June, 2020, CRISIL had revised the outlook on long term debt instruments of the company to Negative. The negative outlook reflects the expected pressure on IIFL Finance's asset quality due to the challenging macro-economic environment which has impacted many sectors and consequently, the income streams borrowers in the fiscal 2021. Further, some of the asset classes in which the company operates ' micro, small and medium enterprises (MSME Finance; 19% of the overall assets under management (AUM) as on September 30, 2020), micro finance (8% of the AUM) and home loans (32% of AUM), particularly to self-employed and cash salaried customers, could witness relatively higher challenges as compared to other segments.
 
The overall ratings, nevertheless, continues to reflect the IIFL Finance group's diversified retail product offerings, the extensive branch network and adequate capitalisation. These rating strengths are partially offset by limited seasoning of the loan portfolio.
 
The nationwide lockdown to contain the spread of Covid-19 has impacted disbursements and collections of financial institutions. The lockdown has been eased in phases. Delay in return to normalcy will continue to constrain collections and asset quality of financial institutions. Additionally, any change in the payment discipline of borrowers can affect delinquencies. Also, while the one-time restructuring scheme announced by the Reserve Bank of India (RBI) will provide the necessary support to borrowers affected by Covid-19, the details and operational implementation of the same remain to be seen.
 
In the near term, the trend in collection efficiency will be an important indicator. In the initial months of moratorium, collections were low compared to pre-Covid levels. However, with opening up of branches in the past few months, collections have increased gradually. For the month of September 2020, collection efficiency1 (excluding foreclosures) has improved to around 95-98% for gold loans, 90-93% for home loans, 75-80% for microfinance and 75-80% for business loans.
 
As on September 30, 2020, the company had a liquidity cushion of Rs 4,927 crore (Rs 2,219 crore of cash and equivalents, Rs 488 crore on unutilized cash credit lines and Rs 2,220 crore of unutilized bank lines including securitization lines). Against this, it has total debt obligations (principal and interest) of Rs 4,792 crore over the five months through February 2021.

Analytical Approach

For arriving at the ratings, CRISIL has consolidated the business and financial risk profiles of IIFL Finance and its subsidiaries, including IIFL Home Finance Ltd (IIFL Home) and Samasta Microfinance Ltd (Samasta). This is because all these entities, collectively referred to as the IIFL Finance group, have significant operational, financial, and managerial integration and also operate under a common brand. Further, CRISIL has also factored in the business synergies that IIFL Finance group will have with IIFL Wealth Limited and IIFL Securities Limited, given their common promoters and the shared brand.

Please refer Annexure - Details of Consolidation, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
Strengths:
* Diversified retail lending portfolio with an extensive branch network
The IIFL Finance group, having consolidated assets under management (AUM) of Rs 40,843 crore as on September 30, 2020 (Rs 37,951 crore as on March 31, 2020; Rs 34,904 crore as on March 31, 2019), is primarily engaged in secured lending across various retail asset classes. IIFL Finance has two lending subsidiaries, IIFL Home and Samasta, which carry out the mortgage finance and microfinance businesses, respectively.
 
Retail loans accounted for almost 89% of the AUM as on September 30, 2020, with a high level of granularity (loans with ticket size below Rs 1 crore). Also, more than 40% of the portfolio qualifies under priority sector lending. The group had identified four key segments - home loans, business loans (including loan against property {LAP} and lending to MSME), gold loans and microfinance, as key growth drivers over the medium term. These four segments form around 87% of the AUM as on September 30, 2020, up from 61% as on March 31, 2016. The group also operates in two synergistic segments - construction & developer funding and capital market lending. While incremental developer funding will be done on a selective basis to support the home loan business, capital market lending will largely focus on the retail clients of IIFL Securities. In line with the strategy to focus on select segments, the group discontinued medical equipment financing from fiscal 2018, and also sold its commercial vehicle (CV) finance portfolio in fiscal 2019.
 
As of September 30, 2020, the IIFL Finance group had a wide network of 2,383 branches spread across 25 states. The group has invested substantially in technology to effectively benefit from its geographical reach. Going forward, the group plans to leverage business synergies with other IIFL entities for cross-selling of financial products (such as insurance and mutual funds) and retail loan products, given the already established branch and distribution platform.
 
On a standalone level, IIFL Finance had an AUM of Rs 18,208 crore as on September 30, 2020 (Rs 16,057 crore as on March 31, 2020) primarily towards gold loans (63%), business loans (14%) and developer and construction finance (19%).
 
IIFL Home had an AUM of Rs 19151 crore as on September 30, 2020 (Rs 18,495 crore as on March 31, 2020) largely toward home loans (67%), followed by LAP (27%) and construction finance (6%).
 
Samasta had an AUM of Rs 3,484 crore as on September 30, 2020 (Rs 3,400 crore as on March 31, 2020).
 
* Adequate capitalisation
The IIFL Finance group is adequately capitalised, with a consolidated networth of around Rs 5,000 crore as on September 30, 2020 (Rs 4,766 crore as on March 31, 2020). Networth coverage for net non-performing assets (NPAs) was comfortable at around 22 times as on September 30, 2020 (17 times as on March 31, 2020). On-book gearing as on same date was adequate at around 5.2 times; however, CRISIL'adjusted gearing (on-book borrowings + securitization/assignment) was higher at around 7.9 times. Nevertheless, the group has demonstrated its ability to raise capital from long-term marquee investors such as Fairfax and the CDC group (Rs 1000 crore raised from CDC in fiscal 2017). Given the modest growth plans, capitalisation should remain adequate for the current scale of operations. However, the ability to raise capital and manage leverage levels over the medium term will be an important factor.
 
As on September 30, 2020, IIFL Finance (standalone) had a net worth and CRISIL- adjusted gearing stood at Rs 3,661 crore and 4.9 times, respectively. It had a Tier-I capital adequacy ratio (CAR) and overall CAR of 15.0% and 18.7%, respectively, as on same date. Networth coverage for net NPAs was around 49 times.
 
As on September 30, 2020, IIFL Home had a networth and CRISIL- adjusted gearing of Rs 1,945 crore and 9.8 times, respectively. Its Tier-I and overall CAR stood at 19.4% and 24.3%, respectively, as on same date. Networth coverage for net NPAs was around 13 times.
 
As on September 30, 2020, Samasta's net worth and CRISIL-adjusted gearing stood at Rs 542 crore and 6.3 times, respectively. Tier-I and overall CAR were 19.5% and 23.9%, respectively.
 
Weakness:
* Limited seasoning of some of the asset classes like home loans and MSME loans
IIFL Finance group's loan portfolio (excluding CV finance) has recorded a three-year compound annual growth rate of around 25%. Given the scale up of the loan book in recent years and entry into newer segments, the portfolio remains unseasoned and hence, overall asset quality is yet to be tested through cycles. While certain products have a shorter tenure, and hence, have seen a complete cycle, home loans and MSME lending have limited seasoning so far. Home loans are long tenure products and MSME lending is a recent addition to the product suite. Reported gross NPAs and net NPAs stood at 1.81% and 0.77%, respectively, as on September 30, 2020 (2.31% and 0.97%, respectively, as on March 31, 2020). While increasing focus on small-ticket retail loans will benefit the inherent asset quality over the medium term, ability to underwrite and maintain strong credit practices across asset classes, amid stiff competition from established players, remains to be seen.
 
NPAs in the wholesale book declined, supported partly by write-offs, to 2.6% as on September 30, 2020, from 3.8% as on March 31, 2020, but remained high. Nevertheless, the share of wholesale lending has come down over the past few years (11% of the overall AUM as on September 30, 2020).  Nevertheless, given the current macro environment, asset quality on exposures such as developer loans and large ticket LAP would be a key monitorable for all lenders, including IIFL Finance. Borrowers of such loan categories are more sensitive to an environment of prolonged liquidity tightness. RBIs measure on extension of date of commencement of commercial operations (DCCO) for commercial real estate projects should provide some respite.  
 
While retail asset quality has remained under control in the past, it could witness an increase in delinquencies across segments due to the economic slowdown. The current weak macro-environment has affected the income generation ability and saving of borrowers, especially of the self-employed and micro finance borrower, who typically have a weaker credit profile. In this context, credit costs are expected to increase in the near term.
 
Gross NPA of IIFL Finance (standalone), IIFL Home and Samasta stood at 2.0%, 1.6% and 1.8%, respectively, as on September 30, 2020 (3.1%, 1.6% and 1.5%, respectively, as on March 31, 2020).
 
Any sharp deterioration in asset quality, will also impact profitability and capital, and remains a key rating monitorable.
Liquidity Strong

As on September 30, 2020, the company had a liquidity cushion of Rs 4,927 crore (Rs 2,219 crore of cash and equivalents, Rs 488 crore on unutilized cash credit lines and Rs 2,220 crore of unutilized bank lines including securitization lines). Against this, it has total debt obligations (principal and interest) of Rs 4,792 crore over the five months through February 2021.

Outlook: Negative

CRISIL believe that IIFL Finance' collections and thereby asset quality metrics is likely to come under pressure due to the challenging economic environment. Furthermore, fundraising in the recent past has also been lower than expected.
 
Rating Sensitivity Factors
Upward Factors:
* Significant improvement in market position while improving asset quality
* Improvement in profitability, with return on managed assets (RoMA) beyond 3.0% on a sustained basis
 
Downward Factors:
* Deterioration in the asset quality, with GNPA increasing to above 5% over an extended period, thereby impacting profitability
* Drop in collections metrics and delay in achieving pre-pandemic levels
* Weakening of capitalisation metrics with higher than expected gearing on a sustained basis
* Continued funding access challenges for non-banking sector with limited fund-raising by IIFL Finance Group and reduction in liquidity levels

About IIFL Finance
IIFL Finance is the listed holding company of the IIFL Finance group and is registered as a systemically important non-deposit-taking non-banking financial company (NBFC). The group offers various retail lending products, including gold loans, home loans, LAP, business loans, microfinance and capital market based lending (margin funding and loans against shares). It also offers construction and developer finance.
 
In fiscal 2008, IIFL Finance (erstwhile IIFL Holding Ltd) launched its retail finance business through the NBFC, Moneyline Credit Ltd, which was merged with India Infoline Finance Ltd effective April 2011. In fiscal 2009, India Infoline Housing Finance Ltd received registration as a housing finance company from the National Housing Bank and was subsequently renamed as IIFL Home Finance. In fiscal 2017, IIFL Finance ventured into microfinance after the acquisition of micro lender Samasta Microfinance.
 
In January 2018, IIFL Finance announced plans to reorganise its corporate structure, and list IIFL Finance (loans and mortgages business), IIFL Wealth (wealth and asset management business), and IIFL Securities (capital markets and other businesses). As part of the restructuring scheme, IIFL Wealth and IIFL Securities were demerged from IIFL Finance in May 2019 and were listed in September 2019. In March 2020, India Infoline Finance Ltd was merged into IIFL Finance, the listed entity of the lending business.
 
As of September 30, 2020, promoters held 24.9% stake in IIFL Finance, while 29.9% is held by Prem Watsa controlled Fairfax Holdings and 15.5% by CDC Group PLC.
 
CRISIL has also analysed the standalone financials of IIFL Finance. The company reported a total income (net of interest expenses) and profit after tax (PAT) of Rs 1,385 crore and Rs 149 crore, respectively, in fiscal 2020, against Rs 1,597 crore and Rs 451 crore, respectively, in the previous fiscal. For the half year ended September 30, 2020, the company reported a total income (net of interest expenses) and profit after tax (PAT) of Rs 777 crore and Rs 57 crore, respectively, against Rs 673 crore and Rs 67 crore, respectively, in the corresponding period of the previous fiscal.
 
The company had networth and total assets of Rs 3,661 crore and Rs 18,985 crore, respectively, as on September 30, 2020. 
 
IIFL Finance (consolidated) had total income (net of interest expenses) and PAT of Rs 2,424 crore and Rs 503 crore (including one-time exceptional expense of Rs 261 crore (post tax), respectively, in fiscal 2020 as against a total income (net of interest expense) of Rs 2,500 crore and PAT of Rs 796 crore (including one-time exceptional gain of Rs 105 crore) in the previous fiscal. Excluding the exceptional items (gain and expenses), PAT stood at Rs 764 crore for FY20 as against a PAT of Rs 691 crore in the previous fiscal. For the half year ended September 30, 2020, the company had a total income (net of interest expenses) and profit after tax (PAT) of Rs 1,477 crore and Rs 245 crore, respectively, against Rs 1,203 crore and Rs 262 crore, respectively, in the corresponding period of the previous fiscal.

1Collection efficiencies have been calculated as the proportion of actual collections (from billings for the month and overdues but excluding prepayments) during the month to scheduled collections/ billings for the month (this takes into account the dues from the book assuming there was no moratorium).

Key Financial Indicators - IIFL Finance (consolidated; CRISIL adjusted numbers)
As on / for the period ended   March 2020 March 2019
Total Assets Rs crore 34341 33239
Total income (net of interest expenses) Rs crore  2424  2500
Profit after tax^ Rs crore 503 796
Gross NPA % 2.31 1.96
Return on managed assets (annualized)^ % 1.2 2.1
Gearing Times 5. 2 5.9
Adjusted gearing Times 7.7 8.0
Excluding the one-time exceptional items, PAT and RoMA stood at Rs 764 crore and 1.8%, respectively, for fiscal 2020 as against Rs 691 crore and 1.9%, respectively, for fiscal 2019
 
Key Financial Indicators - IIFL Finance (consolidated; CRISIL adjusted numbers)
As on / for the period ended   March 2020 March 2019
Total income (net of interest expenses) Rs crore 1385 1597
Profit after tax Rs crore  149 451
Gross NPA % 3.1 3.4
Gearing Times 3.3 3.6
Adjusted gearing Times 4.7 4.3

Any other information
Earnings profile of the company has remained range bound. Return on managed assets [RoMA; profit after tax / (total assets + securitization/assignment)] stood at around 1.2% for the period ended March 31, 2020. The profitability was impacted in fiscal 2020 due one-time provisioning for Covid-19 of Rs 282 crore and reversal of deferred tax of Rs 50 crore, excluding the same, RoMA stood at 1.8% for the above period (around 1.9% for fiscal 2019; excluding the one-time gain on sale of CV business). Further, in the half year ended September 30, 2020, the company took additional Covid-19 related provisions of Rs 415 crore, with total Covid-19 contingent provisions of Rs 697 crore as on September 30, 2020. While the profitability is supported by healthy net interest margin, operating expenses remain high, given the investment in opening of new branches, strengthening of work force and building the technological infrastructure. With the scale up of loan book, operating efficiency is expected to improve gradually, which will support the earning profile. Also, while credit costs have remained under control, the asset quality is likely to see an inch up in delinquencies in fiscal 2021, which will lead to increase in credit cost. Ability of the company to control credit costs will be a key determinant of profitability.

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments and are included (where applicable) in the Annexure -- Details of Instrument in this Rating Rationale. For more details on the CRISIL complexity levels, please visit www.crisil.com/complexity-levels.
Annexure - Details of Instrument(s)
ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size
(Rs Crore)		 Complexity Levels Rating Outstanding with Outlook
NA Commercial Paper Programme(IPO Financing)^ NA NA 7-30 days 8000 Simple CRISIL A1+
NA Commercial paper^ NA NA 7-365 days 8000 Simple CRISIL A1+
NA Commercial paper NA NA 7-365 days 500 Simple CRISIL A1+
INE866I07BY4 Debentures#^ 07-Feb-19 9.50% 07-May-22 261 Simple CRISIL AA/Negative
INE866I07BZ1 Debentures#^ 07-Feb-19 9.60% 07-May-22 39 Simple CRISIL AA/Negative
INE866I07CB0 Debentures#^ 07-Feb-19 9.60% 07-May-22 49 Simple CRISIL AA/Negative
INE866I07CD6 Debentures#^ 07-Feb-19 9.75% 07-Feb-24 637 Simple CRISIL AA/Negative
INE866I07CF1 Debentures#^ 07-Feb-19 10.20% 07-Feb-24 126 Simple CRISIL AA/Negative
INE866I08279 Debentures#^ 07-Feb-19 10.00% 07-Feb-29 31 Simple CRISIL AA/Negative
INE866I08295 Debentures#^ 07-Feb-19 10.50% 07-Feb-29 15 Simple CRISIL AA/Negative
INE866I07CJ3 Debentures#^ 06-Sep-19 10.00% 06-Dec-20 98 Simple CRISIL AA/Negative
INE866I07CK1 Debentures#^ 06-Sep-19 9.50% 06-Dec-22 37 Simple CRISIL AA/Negative
INE866I07CL9 Debentures#^ 06-Sep-19 9.85% 06-Dec-22 12 Simple CRISIL AA/Negative
INE866I07CM7 Debentures#^ 06-Sep-19 9.85% 06-Dec-22 65 Simple CRISIL AA/Negative
INE866I08303 Debentures#^ 06-Sep-19 10.00% 06-Jun-25 26 Simple CRISIL AA/Negative
INE866I08311 Debentures#^ 06-Sep-19 10.50% 06-Jun-25 6 Simple CRISIL AA/Negative
INE530B07021 Debentures#^ 08-May-20 9.00% 08-May-23 100 Simple CRISIL AA/Negative
INE530B07039 Debentures#^ 09-Jul-20 8.00% 07-Jan-22 100 Simple CRISIL AA/Negative
INE530B07039 Debentures#^ 09-Jul-20 8.00% 07-Jan-22 100 Simple CRISIL AA/Negative
INE530B07047 Debentures#^ 19-Aug-20 8.00% 18-Feb-22 100 Simple CRISIL AA/Negative
INE530B07054 Debentures#^ 28-Aug-20 8.00% 01-Dec-21 25 Simple CRISIL AA/Negative
INE530B07054 Debentures#^ 14-Sep-20 8.00% 01-Dec-21 50.18 Simple CRISIL AA/Negative
INE530B07062 Debentures#^ 30-Sep-20 8.00% 30-Mar-22 125 Simple CRISIL AA/Negative
INE530B07062 Debentures#^ 30-Sep-20 8.00% 30-Mar-22 100 Simple CRISIL AA/Negative
NA Debentures**#^ NA NA NA 397.82 Simple CRISIL AA/Negative
NA Debentures**^ NA NA NA 325 Simple CRISIL AA/Negative
NA Subordinated Bond**^ NA NA NA 300.37 Complex CRISIL AA/Negative
INE866I08121 Subordinated Bond^ 31-Aug-12 12.15% 30-Aug-22 5 Complex CRISIL AA/Negative
INE866I08121 Subordinated Bond^ 31-Aug-12 12.15% 31-Aug-22 15 Complex CRISIL AA/Negative
INE866I08162 Subordinated Bond^ 05-Nov-12 12.20% 04-Nov-22 23 Complex CRISIL AA/Negative
INE866I07CO3 Subordinated Bond^ 17-Sep-19 9.85% 17-Jan-23 5 Complex CRISIL AA/Negative
INE866I07CH7 Long Term Principal Protected Market Linked Debentures^ 26-Jun-19 NA 27-Sep-21 57 Highly Complex CRISIL PP-MLD AAr/Negative
INE866I07CI5 Long Term Principal Protected Market Linked Debentures^ 26-Jun-19 NA 27-Sep-22 25 Highly Complex CRISIL PP-MLD AAr/Negative
INE866I07CH7 Long Term Principal Protected Market Linked Debentures^ 17-Jul-19 NA 27-Sep-21 50 Highly Complex CRISIL PP-MLD AAr/Negative
NA Long Term Principal Protected Market Linked Debentures**^ NA NA NA 1368 Highly Complex CRISIL PP-MLD AAr/Negative
NA Proposed Long Term Bank Loan Facility^ NA NA NA 2000 NA CRISIL AA/Negative
NA Debentures**#& NA NA NA 5000 Simple CRISIL AA/Negative
NA Debentures** NA NA NA 2500 Simple CRISIL AA/Negative
^Transferred from India Infoline Limited
**not yet issued
# Interchangeable between secured and subordinated debt
&For Retail Bond Issuance
 
Annexure - Details of Rating Withdrawn
ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size
(Rs Crore)		 Complexity Levels
INE866I07CN5 Subordinated Bond^ 11-Sep-19 9.75% 09-Oct-20 150 Complex
^Transferred from India Infoline Limited
 
Annexure - List of entities consolidated
Entity Consolidated Rationale for Consolidation
IIFL Home Finance Limited Subsidiary
Samasta Micro Finance Limited Subsidiary
Clara Developers Private Limited Subsidiary (Till July 26, 2020)
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  8500.00  CRISIL A1+  26-06-20  CRISIL A1+  20-08-19  CRISIL A1+  04-09-18  CRISIL A1+    --  -- 
        18-04-20  CRISIL A1+               
Commercial Paper Programme(IPO Financing)  ST  8000.00  CRISIL A1+  26-06-20  CRISIL A1+    --    --    --  -- 
        18-04-20  CRISIL A1+               
Long Term Principal Protected Market Linked Debentures  LT  132.00
06-11-20  		CRISIL PP-MLD AAr/Negative  26-06-20  CRISIL PP-MLD AAr/Negative    --    --    --  -- 
        18-04-20  CRISIL PP-MLD AAr/Stable               
Non Convertible Debentures  LT  2102.18
06-11-20  		CRISIL AA/Negative  26-06-20  CRISIL AA/Negative    --    --    --  -- 
        18-04-20  CRISIL AA/Stable               
Short Term Debt (Including Commercial Paper)  ST              13-08-18  CRISIL A1+  29-09-17  CRISIL A1+  -- 
                10-05-18  CRISIL A1+       
                09-02-18  CRISIL A1+       
Subordinated Debt  LT  48.00
06-11-20  		CRISIL AA/Negative  26-06-20  CRISIL AA/Negative    --    --    --  -- 
        18-04-20  CRISIL AA/Stable               
Fund-based Bank Facilities  LT/ST  2000.00  CRISIL AA/Negative  26-06-20  CRISIL AA/Negative    --    --    --  -- 
        18-04-20  CRISIL AA/Stable               
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Proposed Long Term Bank Loan Facility 2000 CRISIL AA/Negative Proposed Long Term Bank Loan Facility 2000 CRISIL AA/Negative
Total 2000 -- Total 2000 --
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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CRISIL uses the prefix ‘PP-MLD’ for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011 to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL's use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: www.crisil.com/ratings/credit-rating-scale.html