Daimler Financial Services India recasts loans worth Rs 1,399 crore
Daimler Financial Services India (DFSI), captive finance arm of Daimler AG, has restructured loans worth Rs 1,399 crore till September 2020, as certain accounts were under stress because of the economic slowdown.
Auto financier granted additional secured funding to certain accounts that were under stress and made changes to the terms of original sanction. Therefore, these restructured assets were classified as gross non-performing assets (GNPAs), according to India Ratings and Research (Ind-Ra).
These restructured assets are regular in repayments. The GNPAs are predominantly from exposure to dealers and retail commercial vehicle portfolio. The rating agency affirmed DFSI’s long-term issuer rating at ‘AAA’ with a stable outlook. The affirmation reflects continued support to DFSI from its parent DAG and Daimler Group.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
