MUMBAI: Moody's Investors Service on Monday placed ratings of two non-banking financial companies (NBFCs) – Hero FinCorp Ltd and India Infoline Finance Ltd (IIFL) – under review for downgrade, citing disruptions to the economy due to covid-19 outbreak and its impact on the NBFC sector.
While Hero FinCorp’s local and foreign currency issuer rating was placed under review, IIFL’s corporate family rating (CFR), foreign and local currency senior secured MTN program ratings, and senior unsecured debt rating were placed under review.
That apart, Muthoot Finance Ltd's CFR was affirmed and its outlook changed to negative from stable. “The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, volatile oil