Altico Capital downgraded by India Ratings
The company, which was focused in investments in real estate, has been downgraded by India Ratings to A+ from AA-. Altico has been diversifying its loan portfolio by expanding into segments such as warehousing and logistics and is likely to foray into hospitality, education and healthcare. The company was recently reported to be one of the bidders for Reliance Housing Finance.
Altico was established in 2004 by the funds managed by Clearwater Capital Partners as Clearwater Capital Partners India Private Limited for wholesale lending to capital-constrained Indian small and medium enterprises. In FY15, the company was renamed Altico Capital India Limited, and its business strategy was changed. Altico is focused on high-yield asset-backed senior secured credit opportunities in the real estate sector.