Ratings agency CRISIL today clarified that it has never rated IL&FS Ltd, IL&FS Financial Services Ltd, or any debt issued by these companies.
In reference to the recent announcement by IL&FS Ltd on the completion of the first phase of a forensic audit by Grant Thornton on the credit ratings assigned to it and group companies in the past, CRISIL in a statement said: “Way back in 2011, CRISIL had assigned ‘CRISIL A/Stable/CRISIL A1’ rating to the bank loan facilities of IL&FS Transportation Network Ltd (ITNL). As per the rating definitions standardised by SEBI, the ‘A’ category refers to ‘Adequate Safety’. The rating was withdrawn in July 2016 and since then, CRISIL has had no outstanding rating on ITNL either.”
