Reliance Capital Tuesday informed that Icra has revised its rating by one notch to A1 for the short-term debt programme of the company due to delay in monetising non-core investments.
The agency has downgraded the rating with negative implications outlook.
"ICRA has stated this action is primarily due to refinancing risk of short term maturities and delay in monetising the noncore investments. The company considers the rating action completely unjustified and inappropriate," Reliance Capital said in a regulatory filing.
The company also places on record the fact that the rating agency arbitrarily refused to provide the company an opportunity to meet the members of the Review Committee and address any concerns, thereby turning the entire review process prescribed by the Sebi into a futile, pointless and unfair exercise, it said.
As publicly informed, it said, the company is in the process of monetising its entire 42.88 per cent stake in Reliance Nippon Life Asset Management Limited, which at current market price is valued at over Rs 5,000 crore.