Crisil downgrades ratings of PFS instruments after 3 independent directors exit

New Delhi, Oct 9 (PTI) Rating agency Crisil has downgraded ratings on various instruments issued by PTC India Financial Services (PFS) following the unexpected resignation of three independent directors ahead of the expiry of their three-year term.

Seema Bahuguna, Naveen Bhushan Gupta and PV Bharathi resigned as Independent Directors of the company last month.

Fund based-Term Loan, Non-Convertible Debenture issued by the company were placed under the 'Rating Watch with Developing Implications' from CRISIL A/Stable, PFS said in a regulatory filing on Thursday.

Besides, Commercial Paper issued by the company was placed on 'Rating Watch with Developing Implications' from CRISIL A1. PTI DP DP SHW