MUMBAI: Credit rating<\/a> agencies in India are caught in a gale triggered by downgrades, defaults and a grim spectre of bad loans. 孟买:信贷评级机构在印度被降级引发的大风,违约和不良贷款的可怕的幽灵。
\n
On one hand, Sebi<\/a> has asked rating agencies to explain their actions on RCom<\/a> bonds<\/a> to know whether processes were followed, and what lead to downgrade<\/a> of the company’s debt securities and loans by several swift notches; on other hand, Reserve Bank of India, a week ago, asked agencies whether they could rate ‘restructured loans’ — an activity that has regulatory and market implications which most agencies are not entirely comfortable with.
\n
\n\"Sebi wants to know whether investors could have been alerted and rating actions could have been initiated earlier... what lead to cascading downgrades was delay in information,\" a person aware of the development told ET.
\n
\"Rating agencies have no access to loan default data — something they feel banks and RBI<\/a> should share,\" the person said.
\n
\nAt the meeting held with rating agencies, RBI broached the subject on rating of bank loans to corporate that is undergoing a complex debt rejig programme that could involve entry of a new investor or a deal to monetise assets.
\n![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
\nWhile agencies are ready to rate such loans or securities, they are unwilling to publish these ratings. However, Sebi rules disallow such ‘private ratings’ that are not put in public domain for the benefit of investments and market participants.
\n
\"Agencies believe that rating of debts of a company which is undergoing, say a strategic debt restructuring, is based on assumptions and hinges on other factors. For instance, a company like RCom is likely to overcome the current difficulties once its proposed sale of the tower business goes through. But what if it is delayed? There could be similar situations that other debt-heavy companies would confront... There’s a moral hazard in publishing ratings that are dependent on such outcomes..,\" said an industry<\/a> official.
\n
\nBANKS CAN BENEFIT<\/strong>
\nHowever, a rating upgrade of debts of companies that are going through restructuring would benefit banks that are saddled with bad loans. \"A higher and above-investment grade rating would lower risk weightage on these loans. This would improve their capital adequacy and thus require the government to infuse less capital. One can understand where RBI is coming from,\" said another person. Sebi rules require agencies to publish all their rating actions. Even if the regulator allows private ratings — which are not disclosed to the market — it would not lower risk weights on banks’ loan books.
\n
\n\"A lower risk weight can be assigned only if such upgrades are published and known to the market and auditors. A private rating or view with the agency carrying out scenario analysis may present an evaluation of the adequacy ratio,\" said a banker. The downgrade of various RCom debts — local debentures, offshore, debts and loans from domestic banks — could pave the way for agencies receiving information on loans where interest payment is overdue for 30 or 60 days.
\n
\n\"A loan is treated as non-performing asset if it is not serviced for 90 days. \"Banks do not share such data, particularly if the client is high-profile. Even if they do, no bank will give it in writing. There’s an information asymmetry that rating agencies face,\" said a source.
\n
\nRBI and banks are reluctant to share such data due to its volatile nature and the impact it could have on the company’s security and stock prices.
\n
\n\"There are companies which regularise their accounts soon after a default or even within 30 or 40 days. Maybe, RBI will agree on sharing data where the interest is unpaid for 60 days or more. In case of RCom, rating agencies were late in getting a whiff of the situation as mutual funds were not holding RCom securities. Since agencies evaluate debt securities, they are typically more alert when MFs are investors,\" said a banker.\n\n<\/p><\/body>","next_sibling":[{"msid":58994294,"title":"Video takes centerstage for InMobi","entity_type":"ARTICLE","link":"\/news\/video-takes-centerstage-for-inmobi\/58994294","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":58994337,"entity_type":"ARTICLE","title":"Sebi questions delay in Reliance Communication\u2019s downgrade; agencies blame lack of default info","synopsis":"Sebi has sought information from agencies on whether investors could have been alerted and rating actions could have been initiated earlier.","titleseo":"telecomnews\/sebi-questions-delay-in-reliance-communications-downgrade-agencies-blame-lack-of-default-info","status":"ACTIVE","authors":[{"author_name":"Sugata Ghosh","author_link":"\/author\/7634\/sugata-ghosh","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/7634.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":7634,"author_name":"Sugata Ghosh","author_seo_name":"sugata-ghosh","designation":"Journalist","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-06-05 08:52:20","lastupd":"2017-06-05 09:01:54","breadcrumbTags":["RCom","industry","RBI","bonds","sebi","rating","NPA","downgrade"],"secinfo":{"seolocation":"telecomnews\/sebi-questions-delay-in-reliance-communications-downgrade-agencies-blame-lack-of-default-info"}}" data-authors="[" sugata ghosh"]" data-category-name="" data-category_id="" data-date="2017-06-05" data-index="article_1">
一方面,印度证券交易委员会要求评级机构来解释他们的行为信实电信债券知道过程之后,导致什么降级公司的债务证券和贷款由几个迅速级距;另一方面,印度储备银行,一个星期前,要求机构是否可以“重组贷款”——一个活动,监管和市场影响大多数机构并不完全满意。
“印度证券交易委员会想知道投资者是否可以提醒和评级行动可能是早些时候开始……是什么导致层叠降级延迟信息,”一个人意识到发展告诉等。
“评级机构没有对贷款违约数据的访问,他们觉得银行和印度储备银行应该分享,”这位人士说。
在与评级机构举行的会议上,央行提出的主题对评级的银行贷款,企业正在经历一个复杂的债务调整计划,可能涉及的新投资者或交易资产套现。
而机构准备此类贷款或证券,它们不愿公布这些评级。然而,印度证券交易委员会规则不允许这种“私人评级”,不是放在公共领域的投资和市场参与者的利益。
“机构认为,评级公司的债务正在说债务重组战略,是基于假设和取决于其他因素。例如,这样的公司可能克服当前困难一旦RCom提出出售业务经过塔。但如果推迟吗?可能有类似的情况下,其他负债累累的公司将面对……有道德风险在发布评级依赖这种结果. .说:“一个行业官员。
银行可以受益
然而,债务评级升级正在经历重组的公司将受益银行背负着不良贷款。“和above-investment品位更高评级会降低风险weightage这些贷款。这将提高资本充足率,因此要求政府注入资金减少。一个能理解央行从何而来,”另一个人说。印度证券交易委员会规定,机构发布所有的评级行动。即使监管机构允许私人评级——不向市场披露——它不会降低银行的贷款风险权重。
“风险较低体重只能分配如果这样升级发布和市场和审计师。私人评级或浏览与该机构进行场景分析可能存在一个充足率的评价,”一位银行家说。降级的各种债务——当地债券RCom近海,从国内银行债务和贷款——贷款机构接收信息铺平了道路,利息支付逾期30或60天。
“贷款被视为不良资产如果没有90天的服务。“银行不共享这些数据,特别是如果客户端是引人注目的。即使他们做,没有一家银行将它写下来。有一个评级机构面临的信息不对称,”一个来源说。
央行和银行不愿意分享这些数据由于其不稳定的性质和影响对公司的安全与股票价格。
“有公司规范自己的账户后不久一个默认甚至在30或40天。也许,央行将同意共享数据的兴趣是无薪或超过60天。RCom,评级机构得到一丝的迟到情况作为共同基金未持有RCom证券。从机构评估债务证券,他们通常更警觉MFs投资者时,”一个银行家说。
MUMBAI: Credit rating<\/a> agencies in India are caught in a gale triggered by downgrades, defaults and a grim spectre of bad loans.
\n
On one hand, Sebi<\/a> has asked rating agencies to explain their actions on RCom<\/a> bonds<\/a> to know whether processes were followed, and what lead to downgrade<\/a> of the company’s debt securities and loans by several swift notches; on other hand, Reserve Bank of India, a week ago, asked agencies whether they could rate ‘restructured loans’ — an activity that has regulatory and market implications which most agencies are not entirely comfortable with.
\n
\n\"Sebi wants to know whether investors could have been alerted and rating actions could have been initiated earlier... what lead to cascading downgrades was delay in information,\" a person aware of the development told ET.
\n
\"Rating agencies have no access to loan default data — something they feel banks and RBI<\/a> should share,\" the person said.
\n
\nAt the meeting held with rating agencies, RBI broached the subject on rating of bank loans to corporate that is undergoing a complex debt rejig programme that could involve entry of a new investor or a deal to monetise assets.
\n
\nWhile agencies are ready to rate such loans or securities, they are unwilling to publish these ratings. However, Sebi rules disallow such ‘private ratings’ that are not put in public domain for the benefit of investments and market participants.
\n
\"Agencies believe that rating of debts of a company which is undergoing, say a strategic debt restructuring, is based on assumptions and hinges on other factors. For instance, a company like RCom is likely to overcome the current difficulties once its proposed sale of the tower business goes through. But what if it is delayed? There could be similar situations that other debt-heavy companies would confront... There’s a moral hazard in publishing ratings that are dependent on such outcomes..,\" said an industry<\/a> official.
\n
\nBANKS CAN BENEFIT<\/strong>
\nHowever, a rating upgrade of debts of companies that are going through restructuring would benefit banks that are saddled with bad loans. \"A higher and above-investment grade rating would lower risk weightage on these loans. This would improve their capital adequacy and thus require the government to infuse less capital. One can understand where RBI is coming from,\" said another person. Sebi rules require agencies to publish all their rating actions. Even if the regulator allows private ratings — which are not disclosed to the market — it would not lower risk weights on banks’ loan books.
\n
\n\"A lower risk weight can be assigned only if such upgrades are published and known to the market and auditors. A private rating or view with the agency carrying out scenario analysis may present an evaluation of the adequacy ratio,\" said a banker. The downgrade of various RCom debts — local debentures, offshore, debts and loans from domestic banks — could pave the way for agencies receiving information on loans where interest payment is overdue for 30 or 60 days.
\n
\n\"A loan is treated as non-performing asset if it is not serviced for 90 days. \"Banks do not share such data, particularly if the client is high-profile. Even if they do, no bank will give it in writing. There’s an information asymmetry that rating agencies face,\" said a source.
\n
\nRBI and banks are reluctant to share such data due to its volatile nature and the impact it could have on the company’s security and stock prices.
\n
\n\"There are companies which regularise their accounts soon after a default or even within 30 or 40 days. Maybe, RBI will agree on sharing data where the interest is unpaid for 60 days or more. In case of RCom, rating agencies were late in getting a whiff of the situation as mutual funds were not holding RCom securities. Since agencies evaluate debt securities, they are typically more alert when MFs are investors,\" said a banker.\n\n<\/p><\/body>","next_sibling":[{"msid":58994294,"title":"Video takes centerstage for InMobi","entity_type":"ARTICLE","link":"\/news\/video-takes-centerstage-for-inmobi\/58994294","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":58994337,"entity_type":"ARTICLE","title":"Sebi questions delay in Reliance Communication\u2019s downgrade; agencies blame lack of default info","synopsis":"Sebi has sought information from agencies on whether investors could have been alerted and rating actions could have been initiated earlier.","titleseo":"telecomnews\/sebi-questions-delay-in-reliance-communications-downgrade-agencies-blame-lack-of-default-info","status":"ACTIVE","authors":[{"author_name":"Sugata Ghosh","author_link":"\/author\/7634\/sugata-ghosh","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/7634.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":7634,"author_name":"Sugata Ghosh","author_seo_name":"sugata-ghosh","designation":"Journalist","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-06-05 08:52:20","lastupd":"2017-06-05 09:01:54","breadcrumbTags":["RCom","industry","RBI","bonds","sebi","rating","NPA","downgrade"],"secinfo":{"seolocation":"telecomnews\/sebi-questions-delay-in-reliance-communications-downgrade-agencies-blame-lack-of-default-info"}}" data-news_link="//www.iser-br.com/news/sebi-questions-delay-in-reliance-communications-downgrade-agencies-blame-lack-of-default-info/58994337">
评论
现在评论 阅读评论(1)所有评论
找到这个评论进攻?
下面选择你的理由并单击submit按钮。这将提醒我们的版主采取行动