Neha Dhamija
The long term debt ratings on eight of the financial institutions Barclays Bank PLC, Citibank NA, Citicorp Finance India Limited, Citicorp Capital Markets Limited, Barclays Bank PLC, Maruti finance Limited, Deutsche bank AG, Deutsche Investments India Private Limited, JP Morgan Securities India private Limited, Hong Kong and Shanghai banking Corporation and Barclays Investments and Loans India Limited.
The factors considered in deciding the downgrading are- effect of the current financial turmoil on the business volume of these institutions, recent ratings issued by Standard and Poor.
Crisil’s senior director, Raman Uberoi said the current economic scenario that has challenged the principles and rules on which the institutions previously operated have caused the ratings agencies to adopt a ‘pessimist’ outlook on the workings of the organizations. This has squeezed the earnings and asset quality of the firms.
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