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Rating agency ICRA has downgraded short term ratings for PTC Financial Services (PFS) from “A1+” to “A1”, citing significant moderation in the company’s operations, weakness in asset quality and moderate profitability indicators.
PFS, a Delhi-based non-banking finance company (NBFC), was placed under watch in January 2022 with negative implications after its three independent directors resigned citing corporate governance lapses.
Two independent directors appointed in March 2022 resigned on December 3 citing corporate governance lapses.
