S&P cuts Indian Finance companies

S&P said it downgraded the ratings on four Indian non-bank finance companies, citing worsening operating conditions for financial institutions.

The agency cut Shriram Transport Finance Co. Ltd. and its senior secured rating to BB- from BB. S&P placed both ratings on CreditWatch with negative implications.

S&P lowered Bajaj Finance Ltd. to BB+ with a stable rating from BBB- with a negative rating.

The agency also dropped Manappuram Finance Ltd. and its senior secured rating to B+ from BB-. S&P changed the outlook to stable from negative.

Finally, S&P downgraded Power Finance Corp. Ltd. and its senior unsecured rating to BB+ from BBB-. The outlook was revised to stable from negative.

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