Bondholders of India's HDFC Credila Financial Services are worried that their holdings' valuation may be written down if the firm's ownership moves from its top-rated parent to a potentially lower-rated private equity firm, at least five institutional bondholders told Reuters. AAA-rated Housing Development Finance Corp (HDFC) is set to sell 90% of Credila to Baring EQT, the Economic Times reported, to comply with a regulatory directive to cut its stake in the education finance firm to 10% within two years of closing its merger with HDFC Bank. HDFC Credila currently has 43.25 billion rupees (nearly $523 million) worth of outstanding bonds, according to CRISIL. While CRISIL and ICRA rate the bonds AAA, they have placed the rating under watch with developing implications.