Beware the quantum computers
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
IL&FS Financial Services (IFIN), on Thursday, disclosed that it will not be able to access the commercial paper (CP) market up to February 28, 2019, following a delay in repayment of CPs which matured in August.
“Commercial papers (CP), which were due on August 28, 2018, and August 30, 2018, could not be paid on due date. These were settled in full on August 31, 2018, by the company.
“In compliance with the Reserve Bank Commercial Paper Directions, 2017, the company will not access the CP market up to February 28, 2019,” said the wholly-owned investment banking arm of the IL&FS Group in a stock exchange notice.
According to Reserve Bank Commercial Paper Directions, 2017, the issuer who has defaulted on a CP cannot access the CP market for six months from the date of repayment of the defaulted obligation.
CP is an unsecured money market instrument issued in the form of a promissory note. The original tenor of a CP is between seven days to one year.
Last month, India Ratings and Research (Ind-Ra) downgraded IFIN’s long-term issuer rating (on non-convertible debentures aggregating ₹5,035 crore, subordinated debt aggregating ₹1,100 crore and bank loans aggregating ₹758.75 crore) to ‘AA’ from ‘AAA’. The outlook was ‘stable’.
The credit rating agency affirmed IFIN’s short-term issuer rating (on short-term debt/ CP programme aggregating ₹700 crore) at ‘A1+’. The ratings were simultaneously placed on Rating Watch Negative (RWN).
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