Edelweiss Financial falls 7% on rating downgrade by CRISIL

Edelweiss Financial Services touched 52-week low of Rs 78.15, falling more than 7 percent, intraday on October 7 after CRISIL downgraded the rating of long-term debt instruments of ECL Finance AA- from AA.

However, the rating agency has reaffirmed the credit rating of CRISIL A1+ assigned to the short-term borrowing programmes of ECL Finance, which is a wholly owned subsidiary of Edelweiss Financial Services.

The instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

At 10:55 hours, Edelweiss Financial Services was quoting at Rs 79.30, down Rs 5.15, or 6.10 percent, on the BSE.

Source : http://tiny.cc/jt52dz

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