The credit rating industry has come under scrutiny after the firms that assessed IL&FS failed to see the financial troubles brewing at the financier.
Mumbai: Indian authorities have spent the week containing the collateral damage from a major infrastructure lender struggling to service $12.6 billion in debt. Next up: Figuring out why the nation’s credit rating agencies didn’t see the crisis coming. IL&FS Group is a vast conglomerate with a complex corporate structure that funds infrastructure projects across the world’s fastest-growing major economy. The financier, set up in 1987, and its listed subsidiaries have powered India’s infrastructure boom - including the Chenani-Nashri road tunnel, India’s longest - and raised billions of dollars from the country’s corporate debt market.
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