New Delhi: Reliance Capital has said that it will not be able to repay its debt on time after Care ratings downgrades its bond program, which was to be repaid in eight years in a phased manner. The downward pressure on ratings has increased.
Reliance Capital told the stock market on Saturday night that it was not capable of demonetisation of assets and hence debt repayment would be delayed. In September 2019, Care Ratings downgraded the rating of the entire outstanding loan program of Reliance Capital, controlled by Anil Ambani, to “Care-D”. The company, while objecting, called the move completely biased and unfair.
CARE had downgraded Reliance Capital’s long-term debt program, market-related debt instruments and subordinated debt arrears due to delays in interest payments.
