The CARE rating agency has assigned a ‘D’ or default rating to Reliance Home Finance Rs 400-crore worth of non-convertible debentures (NCDs). 
As per the agency, instruments with this rating are either in default or are expected to be in default soon.
The development has come after the Anil Ambani-led ADAG group firm refinanced the said papers on maturity last week, even as it paid the interest due on the same.  
Reliance Home insisted that the rating action primarily reflects timing mismatch between monetization of assets and servicing of debts.  
 Reliance Home Finance said, “the company considers the above rating action untimely and uncalled for action. There has not been any adverse change in the Company’s operational parameters from the time of the last rating actions.” 
The list included Reliance Hybrid Bond Fund, Reliance Ultra Short Duration Fund, Reliance Credit Risk Fund, Reliance Equity Hybrid Fund, Reliance Strategic Debt Fund, Reliance Equity Savings Fund, and Reliance Fixed Horizon Funds across series XXXI, XXXII, XXXIII, and XXXIV. 
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