Ratings agency India Ratings has downgraded Reliance Infrastructure’s (RInfra) long-term issuer rating to ‘D – Issuer Not Cooperating’. The downgrade comes after the company’s auditors raised red flags over its financial results as well as significant doubt over the group’s ability to continue as a going concern.
RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.
