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(15 Jun 2024, 12:54)

ICRA downgrades ratings of PTC India Financial with 'negative' outlook

PTC India Financial Services said that the credit rating agency ICRA has downgraded the company’s long-term rating to '[ICRA] A-' from '[ICRA] A+' with 'negative' outlook.

The agency has also downgraded the company’s short-term rating to [ICRA]A2+ from [ICRA]A1.

ICRA stated that the ratings downgrade for PTC India Financial Services (PFS) factors in the significant decline in the lending book, as its ability to mobilise funds has remained constrained over the past few years, following the concerns of corporate governance issues highlighted by independent directors in January 2022.

Further, the audit qualifications for the period ended on 31 March 2024, highlighted further corporate governance issues like conducting few meetings with shorter notice and delays in signing and finalisation of minutes of audit committee and board meetings, along with ineffective and inadequate quality, quantity and timelines of information flow between the company and...

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