Reliance Capital's debt rating was downgraded to default

Mumbai, Ta. September 23, 2019, Monday

Care Ratings has raised Anil Ambani Group's Reliance Capital cost due to delays in payment of non-convertible debentures (NCDs). 17,000 crore debt rating has been reduced to default.

Coupon payment of some NCDs by Reliance Capital. The payment was due on September 9, but the company made the payment one day late on September 11.

However, due to the delay in payment, the company said that the payment was done on the scheduled day but due to a bank server error, the payment was made the next day.

Taking care of this, Care Ratings said that this is the default position as per the policy of the institution. Due to various adversities, the liquidity of Anil Ambani Group is under pressure and the debt is yet to be paid. Reliance Capital also has no liquidity. With this in mind, this step is full.

It is worth mentioning here that the NBFC sector crisis is gradually escalating. Earlier, another NBFC Altico also defaulted on paying down debt.