MUMBAI : In a move that could lead to more pain for debt mutual funds, rating agency ICRA Ltd on Wednesday downgraded multiple Edelweiss Group companies, while earlier this week Shriram Group companies were put under "ratings watch negative" by IndiaRatings, which implies that there could be a possible downward rating action going ahead.
These ratings actions come at a time when debt mutual funds, especially the credit risk funds, have been witnessing redemption pressure following the shut down of six Franklin Templeton Mutual Fund debt schemes last month.
Edelweiss firms that were downgraded on Wednesday include Edelweiss Finance and Investments Ltd, Edelweiss Custodial Services Ltd, Edelweiss Retail Finance Ltd, Edelweiss Finvest Pvt