IIFCL, ILFS and Srei have been set up under IDF-MF route. The domestic rating agency welcomed IDFC-NBFCs being allowed to invest in public private partnership (PPP) projects without a project authority and non-PPP projects, but flagged a few concerns. "Rising share of PPP projects without project authority and non-PPP project exposures can alter the credit profile of these entities and thereby portfolio vulnerability over the medium term," it said.