Bondcritic Limited - Asian Credit Monitor: Infrastructure Leasing Financial Services â€“ INR Bond Default

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Asian Credit Monitor: Infrastructure Leasing & Financial Services â€“ INR Bond Default

We chose to study Infrastructure Leasing & Financial Services Ltd (ILFS)’s default case. The company is engaged in infrastructure development and financing activities in India. Since the start of June 2018, the company has defaulted on a series of payments, resulting in rating downgrades. More recently, in January 2019, ILFS’ affiliated company Jharkhand Road Projects Implementation Company failed to pay INR760m due to its lenders. This resulted in CRISIL downgrading the bonds to D, which amounts to junk status. ILFS is one of the most important companies in the Indian infrastructure space and this default indicates signs of worry for investors.

12/02/2019 4 EN

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Bondcritic Limited

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover selected deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model.

Our public research periodicals include:
- Asian Credit Monitor and Asian Dollar Bond Monitor: Asian bond strategy and commentaries and Industry outlook
- Asian Frontier Monitor: Pre-IPO research on Asian frontier markets such as Myanmar, Cambodia, Sri Lanka, Laos, Mongolia, and Vietnam.
- Asian ESG Monitor: Environmental, Social development, and Governance research
- Asian credit flash: A flash note on individual bonds and/or current credit news
Consulting services
- Private credit research
- Asian credit portfolio construction and monitoring/reviews
- Private debt and alternative financing solution consultation
Corporate bond fact sheets
A fintech platform to decentralize credit research and empower credit analysts.

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Asian Credit Monitor: Infrastructure Leasing & Financial Services â€“ INR Bond Default

Our public research periodicals include:

Asian Credit Monitor and Asian Dollar Bond Monitor: Asian bond strategy​ and commentaries and Industry outlook

Asian Frontier Monitor: Pre-IPO research on Asian frontier markets such as Myanmar, Cambodia, Sri Lanka, Laos, Mongolia, and Vietnam.

Asian ESG Monitor: Environmental, Social development, and Governance research

Asian credit flash: A flash note on individual bonds and/or current credit news

Consulting services

Private credit research

Asian credit portfolio construction and monitoring/reviews

Private debt and alternative financing solution consultation

Corporate bond fact sheets

A fintech platform to decentralize credit research and empower credit analysts.

Energy Absolute: Absolutely Negative Energy

SPV77 / Siri Hub Investment Digital Token: Thailand’s First Debt Token

Social Bonds: Here Come the Next Green Bonds

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Asian Credit Monitor and Asian Dollar Bond Monitor: Asian bond strategy and commentaries and Industry outlook