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CARE Ratings
SectorFinancial Services
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Company insights, generated from the most recent coverage.
CARE rated RCom AAA when the NCDs went to LIC, then cut it to Default (D) by May 2017. A five-year rating that never anticipated default is evidence the methodology ignored liquidity and group-level leverage.
CARE's RCom AAA-to-D sequence mirrors IL&FS holding AA+/A1+ until the eve of bankruptcy. Rating agencies remain issuer-paid and are still not accountable for the accuracy of their ratings.