Ind-Ra downgrades long-term issuer rating of Can Fin Homes Ltd

On Thursday, India Ratings and Research (Ind-Ra) downgraded the long term issuer rating of Can Fin Homes Limited (CFHL) to IND AA from IND AAA and revised the outlook from stable to negative.

The change in rating was driven by the standalone credit profile of CFHL after Canara Bank indicated its intention of selling its stake in the company as part of mobilizing capital in light of the government's direction.

Can Fin Homes Ltd. is a housing finance company mainly offering housing loans to individuals and builders. Its loan portfolio includes housing loans and non-housing loans. Its housing loan products include individual home loans and various schemes related to the construction or purchasing of properties. On the other hand, its non-housing loans include mortgage loans, loans against commercial property, site loans, personal loans, flexi-lap and commercial housing loans. Additionally, the company accepts deposits from the public, including fixed deposit and cumulative deposit. It has approximately 170 branches distributed across over 19 states of India

At 12 pm on Thursday, the stock was trading at Rs. 401.25, down by 1.29 per cent or Rs. 5.25 per share. The 52-week high was recorded at Rs. 433 and the 52-week low was recorded at Rs. 234.65.