Defaulting NBFCs refuse to continue rating

Meanwhile, ICRA, another leading rating agency, has downgraded the rating assigned to the non-convertible bonds of Global Infrastructure and Technologies the erstwhile Mantri Housing and Construction from MB- with rating watch to MD indicating default.

The earlier rating indicated inadequate safety. ICRA has said that the company is unlikely to repay the bonds on the due date. The downturn in the real estate and housing construction had impacted the revenues and cash flows of the company.