MUMBAI, July 29: The Credit Rating Information Services of India Ltd (Crisil) has downgraded the Rs 126 crore non-convertible debenture (NCD) programme of Sundaram Finance Ltd from `triple-A’ to `double-A+’.
It has, however, retained the `triple-A’ rating assigned to the non-banking finance company’s fixed deposit programme and the `P1+’ rating assigned to its Rs 150 crore commercial paper programme. The rating factors in the difficult business situation faced by NBFCs.