Reliance Capital - Credit Rating
09/09/2019 21:14
Reliance Capital Limited has informed the Exchange regarding Credit RatingWe hereby inform that Brickwork Ratings (Brickwork) has downgraded the rating to BWR BB and revised rating outlook to Negative from credit watch with negative implications for long-term debt program, market linked debentures and subordinated debt of the Company. Brickwork has stated this action is primarily due to revision in timelines for divestments and deterioration in standalone financial performance of the Company due to impairment of assets.The Company has been working diligently to ensure timely debt repayments. As publicly informed, the Company is in the process of monetising its entire stake in Reliance Nippon Life Asset Management Limited (RNLAM) for Rs. 6,000 crore out of which the Company has already realized Rs. 1,450 crore through Offer for Sale by selling 10.75% shareholding in RNLAM.The Company has also announced its plans to monetise 49% stake in Reliance General Insurance Company Limited (which is presently 100% owned), and the DRHP has recently been filed with SEBI.