Suzlon Energy announced that since the Company s bank facilities / debt instruments have undergone restructuring and there has been a significant change in repayment terms, at the request of the Company, CARE Ratings has withdrawn the ratings assigned to the said facilities (which now stands restructured) with effect from 8 March 2021.
Further, a RP-4 rating has been assigned by the CRISIL and India Ratings & Research, the rating agencies appointed by the consortium of lenders, to the Resolution Plan of the Company.
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February 22, 2021
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Credit rating agency estimates GNPA at 8.8% in FY21 (FY22: 10.1%); stressed assets at 10.9% (11.7%)
India Ratings and Research on Monday said it has revised its outlook on the overall banking sector to stable for 2021-22 from negative.
“This is because substantial systemic measures have reduced the system-wide Covid-19 linked stress below the expected levels. Banks have also strengthened their financials by raising capital and building provision buffers,” it said in a statement.
The agency has revised the outlook for public sector banks to stable in 2021-22 from negative.
“The regulatory changes led to an improvement in public sector banks’ ability to raise AT-1 capital, a high provision cover on legacy non performing assets, overall systemic support resulting in lower-than-expected Covid-19 stress, and minimal surprises arising out of amalgamation of PSBs,” it said.
Magma Fincorp announced that India Ratings & Research has placed the company s bank loan ratings (IND AA-) under Rating watch Evolving(RWE).
Ind-Ra is of the view that pursuant to public announcement on 10 February 2021, the Company had
announced that its board has accepted a binding offer for an equity infusion of Rs 3460 billion by way of
preferential allotment of equity shares to Rising Sun Holdings (RSHPL) an entity controlled
by Adar Poonawalla) and its existing promoters (Sanjay Chamria and Mayank Poddar).
Subsequently, as per the proposed transaction, RSHPL would hold a stake of 60% in the Company and would
be classified as a promoter. With this infusion, the Company s net worth would surpass Rs 6300 crore,
While Modis popularity has endured throughout the pandemic, lower spending on social programs risks undermining his support as farmer protests gain international support.