RBI criticises credit rating agencies for inaccurate rating of low performing companies affecting investors

No NEFT charges for savings account holders from January 2020: RBI tells banks – The News Minute

Reserve Bank of India has criticised credit rating agencies (CRAs) for allowing low-rated companies to do “rating shopping”. In the 25th edition of the Financial Stability Report, RBI has warned of ‘rating shopping’ by companies for long-term bank loans based on indicative ratings given by CRAs which are not available to the banks or investors.

Rating agencies have been largely blamed for their lax policies and oversight for the 2008 global financial crisis.

Securities and Exchange Board of India last Friday penalised Icra, Care and India Ratings of 25 lakh rupees each for their “lapses in their duty to investors by not taking timely action” when they rated NCDs of IL&FS which owes close to one lakh crore rupees to the system.

SEBI also found the agencies guilty of excessively relying on assertions of the IL&FS management.



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