DHFL debts were downgraded multiple notches
MUMBAI: DHFL, which made full payment of Rs961 crore towards interest payable on the secured redeemable NCDs within the cure period of seven working days itself, will now approach the credit rating agencies for rating upgrades.
DHFL could raise Rs500 crore by selling its 9.15 per cent equity shares in Aadhar Housing Finance Ltd to BCP Topco VII from the Blackstone group.
It was last week DHFL had to face a multiple notch rating downgrades to junk grade of its about Rs1.5 lakh worth debt papers from reputed rating agencies, paring its share value in the market by about 14 per cent in a single day.
However, a battered DHFL had assured that it would be able to meet all payment obligations soon. The leading rating agencies, ICRA and CRISIL downgraded DHFL’s Rs850 crore commercial papers multiple notch from A4 to D.
Brickwork and CARE had also went ahead with downgrades with the latter having gone for a multiple notch downgrading of the company’s debt instruments including subordinated debt, perpetual debt, non-convertible debentures etc, adding up to a whopping more than Rs1 lakh crore.
Following the downgrades, DHFL had said in a statement the action by the rating agencies was extremely surprising as the company has been making and continued to make substantial efforts in ensuring no defaults on any bonds, repayment of its financial obligations.
The agencies had cited delay in meeting scheduled debt obligations by the company as the reason for the downgrading.
DHFL said in a stock market filing that since September 2018, the company had managed to make liabilities payment of over Rs36,000 crore without availing any fresh funding from any lender.
The company also reaffirmed that they were committed to meeting all future debt servicing obligations in a timely manner, through further asset monetisation plans as well as on-boarding of a strategic partner for its business.
