Moody’s lowers Indiabulls

Moody’s Investors Service said it downgraded the corporate family rating and foreign-currency senior secured rating of Indiabulls Housing Finance Ltd. to B3 from B2. The outlook remains negative.

The downgrade and negative outlook reflect Moody’s expectation Indiabulls’ access to funding will remain challenging for longer than expected. “This is because wholesale funding markets remain largely closed to many financial institutions following the imposition of a moratorium on Yes Bank as well as the broader risk aversion currently prevalent in financial markets globally. There is significant uncertainty around when Indiabulls will regain access to market funding,” said Moody’s in a press release.

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