NBFC crisis deepens; Altico defaults on interest payment to Mashreqbank

Money Control | Sep 13, 2019 at 1:20 PM
  • Worries over the crisis in the NBFC sector grew stronger after Altico Capital India defaulted on the interest payment obligation on External Commercial Borrowing availed from the UAE-based Mashreqbank.
  • In early September, India Ratings and Research had downgraded Altico’s long-term issuer rating to IND A+’ from IND AA-‘ and short-term Issuer rating to IND A1′ from IND A1+’.
  • Altico’s default can trigger fresh worries in the already fragile atmosphere of NBFC space.