The agency, which maintained a 'neutral' sector outlook and 'stable' rating outlook for the NBFCs, said its expectations will hold true in the absence of any negative event. Credit growth for entities it rates will rise to 14 per cent in FY23 from 8 per cent in FY22. Since the default by IL&FS in 2017, NBFCs have faced difficulties which only aggravated with the outbreak of the pandemic, which affected liquidity.
Till June 30, 2020, the debt-laden company has addressed debt of Rs 17,640 crore. The new board shared a quarterly plan that estimates addressing additional debt of Rs 8,800 crore by second quarter of FY21 Rs 18,000 crore by the third quarter of FY21 and over Rs 6,000 crore by the end of fourth quarter of FY21.