Fitch assigns India Infoline BB-

Fitch Ratings said it published India Infoline Finance Ltd.’s long-term issuer default rating BB-. The outlook is stable.

India Infoline’s long-term IDR is driven by its standalone credit profile. The rating is underpinned by the company’s moderate franchise in India’s non-bank financial sector and experienced management team, but is offset by its reliance on wholesale funding, appetite for high growth and tolerance for elevated leverage.

“The rating also takes into account our expectation of pressure on IIFL’s asset quality and ongoing funding challenges, which has led the company to reduce its balance sheet and shift its funding structure. Fitch has a negative sector outlook on Indian NBFIs, reflecting the asset quality and funding challenges faced by the sector,” said the agency in a press release.

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