Tag: Dollar

India Shadow Bank Dollar Bonds Drop After S&P Downgrades

(Bloomberg) — Credit scores of several Indian shadow lenders were downgraded by S&P Global Ratings due to liquidity risks amid an economic downturn brought on by the pandemic, triggering a drop in some of their bonds.

The rating company cut state-owned Power Finance Corp. and Bajaj Finance Ltd. into junk territory, according to a statement dated Friday. Shriram Transport Finance Co. Ltd. and Manappuram Finance Ltd. were lowered deeper into non-investment grade.

Power Finance’s dollar bonds due 2029 and Shriram Transport Finance’s notes maturing 2022 fell about 2 cents on the dollar Monday to 99.8 cents and 92.8 respectively, the

Read more