Fitch acts on four Indian issuers

Fitch Ratings said it took rating action on the long-term issuer default ratings of four Indian non-bank financial institutions in light of the companies' performance amid the pandemic.

Fitch kept IIFL Finance Ltd.’s B- rating on rating watch negative, affirmed Manappuram Finance Ltd.’s BB- rating and removed it from RWN, affirmed Muthoot Finance Ltd.’s BB rating and removed it from RWN and affirmed Shriram Transport Finance Co. Ltd.’s BB rating and removed it from RWN as well.

Fitch said it also removed the RWNs on the bond ratings of Manappuram, Muthoot and Shriram.

“IIFL Finance's rating remains on RWN due to continued uncertainty on its funding and liquidity, with trends potentially becoming more evident within the next six months. This is despite a steady improvement in collections over the past few months and easing funding conditions, which have partly benefited from government support measures for NBFIs and other parts of the economy,” Fitch said in a press release.

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