On September 28, Moody's Investors Service had downgraded IIFL Finance 's corporate family rating (CFR) to B2 from B1, senior secured debt rating to B2 from B1, and senior secured medium-term note (MTN) program rating to (P)B2 from (P)B1. In June this year, S&P Global Ratings lowered the ratings on four NBFCs – Shriram Transport Finance, Bajaj Finance, Manappuram Finance and Power Finance Corp. The rating agency believes that worsening operating conditions following Covid-19 have increased risks for financial institutions operating in India and expects a recession to hurt the financial sector.