Credit rating agencies for years assigned high ratings to India's Infrastru...
MUMBAI/NEW DELHI - Credit rating agencies for years assigned high ratings to India’s Infrastructure Leasing & Financial Services and its group companies despite its deteriorating finances, according to a special audit.
Grant Thornton reviewed the role of five credit rating agencies — Fitch group’s India Ratings and Research, Indian affiliate of Moody’s, ICRA, Standard & Poor’s local unit Crisil, CARE Ratings and Brickwork Ratings India — which assigned 429 ratings to various IL&FS financial instruments in recent years.
IL&FS declined to comment. India Ratings said the Grant Thornton report is based on “partial and selective source material”, adding “our ratings were based on robust and transparent analysis of relevant information”. “These instances show a glimpse into the incestous financial services industry where quid pro quo has become the norm. The rot ... is deep and needs more cleansing,” said Shriram Subramanian, a corporate governance expert at proxy advisory firm InGovern.
Highlighting “potential favors/gifts”, Grant Thornton said various key officials at rating agencies received gifts such as smartwatches, shirts and coasters.
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