CRISIL downgrades rating on PTC Fin Services’ non-convertible debentures

The rating agency, CRISIL Ratings, has downgraded the rating on PTC India Financial Services Ltd’s (PFS) long-term bank facilities and non-convertible debentures from “A+” to “A”. The action reflects the continued delay in incremental fundraising, which led to PFS limiting its lending activity and operations. The outlook on these instruments remains “negative”.

The Delhi-based finance company did not make any substantial disbursements during May-September 2023 due to a lack of fresh funding. Challenges in raising funds are primarily attributable to corporate governance concerns raised earlier by independent directors, CRISIL said in a statement.