S&P acts on Indian non-bank financials

S&P said it lowered the rating on one Indian non-bank financial company and changed the outlooks to negative from stable on four others.

“In our view, the economic risk for Indian financial institutions is rising. Economic conditions have turned adverse due to the Covid-19 pandemic. Drastic efforts to curtail the spread of the coronavirus has resulted in a sudden stoppage in economic activity. We have therefore revised our economic risk trend for the financial sector to negative from stable,” said S&P in a press release.

S&P lowered Shriram Transport Finance Co. Ltd. to BB from BB+. The outlook is negative.

The agency also revised the outlooks to negative on Bajaj Finance Ltd., Manappuram Finance Ltd., Muthoot Finance Ltd. and Power Finance Corp. Ltd. S&P affirmed the ratings of the four companies.

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