IL&FS Financial Services Limited 8.68% 2026 Bond

What the rating means

Dmost conservative current agency grade

Each rung groups an agency grade's +/- notches: “AA”, for example, covers AA+, AA and AA-. AAA, C and D are single grades.

D means the agency records the instrument as already in default: interest or principal was not paid when due. Recovery, if any, depends on resolution or restructuring outcomes. Ratings are agency opinions that can change over time, and a rating is not a guarantee of repayment.

Disclosed rating string: IND D/No Outlook (ISSUER NOT COOPERATING*);CARE D/No Outlook

This describes the bond's credit rating only. Interest-rate, liquidity and reinvestment risks are covered in “Before you act”.