IFCI reaffirmed at BWR B+ with negative outlook by Brickwork Ratings
- Credit rating
- Financial Institution
Reviewed byRachit TripathiBlacklitt Research
IFCI (NSE: IFCI) has had its debt ratings reaffirmed by Brickwork Ratings, it said in a filing on 05 Nov 2026. Non-convertible debentures and proposed NCDs are rated BWR B+ with a Negative outlook, and proposed commercial papers at BWR A4. The rating is valid till 03 Nov 2027.
Key highlights
- NCDs and bonds: BWR B+, Outlook Negative
- Proposed NCDs: BWR B+, Outlook Negative
- Proposed commercial papers: BWR A4
- Rating validity: twelve months till 03 Nov 2027
The rating action in numbers
| Item | Detail |
|---|---|
| Agency | Brickwork Ratings |
| Action | Reaffirmed |
| Non-convertible debentures/bonds | BWR B+, Outlook Negative |
| Proposed NCDs | BWR B+, Outlook Negative |
| Proposed commercial papers | BWR A4 |
| Valid till | 03 Nov 2027 |
What was reaffirmed
Brickwork Ratings has reaffirmed the ratings of IFCI's debt instruments. The filing lists three: non-convertible debentures and bonds at BWR B+ with a Negative outlook, proposed NCDs at BWR B+ with a Negative outlook, and proposed commercial papers at BWR A4.
The filing gives the ratings as printed by the agency, without describing them further. The outlook applies to the two NCD categories; the commercial paper rating is a short-term rating and carries no outlook in the filing.
Validity and what the filing covers
The rating is valid for twelve months, till 03 Nov 2027, as per the rating agency letter. The filing is a notice of the reaffirmation, with the agency's letter enclosed.
IFCI is a Government of India undertaking, and the filing is signed by Priyanka Sharma, Company Secretary and Compliance Officer.
What the rating reaffirmation means for IFCI's shareholders
It does not say what the rating rationale is, the amount of each debt instrument rated, or whether the rating affects borrowing costs. The next dated step in the filing is the validity end of 03 Nov 2027.
Filed with BSE on . Reference: Original filing (PDF)
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