Rating agencies knew of stress at India`s IL&FS, but gave good ratings - audit
(WorldNews Business)

MUMBAI/NEW DELHI — Credit rating agencies for years assigned high ratings to India’s Infrastructure Leasing & Financial Services (IL&FS) and its group companies despite its deteriorating financial health, according to a special audit conducted by Grant Thornton India. Audit firm Grant Thornton was appointed by IL&FS’ new board to conduct the review following the government’s decision to...