The company is facing fresh pressure from rating downgrades and upcoming maturities as rating company Icra has downgraded the short-term ratings on two Anil Ambani-led entities – Reliance Home Finance and Reliance Commercial Finance – recently.

The rating on Reliance Commercial Finance’s Rs 1,200-Crore commercial paper programme has been downgraded to junk grade of D from A4 with rating watch on negative implications. Reliance Commercial Finance’s CPs too have been downgraded to D from A4 due to debt servicing issues.

According to the Icra report, borrowings of Rs 1,059 crore are due for maturity in May 2019, and Rs 738 crore is maturing in June 2019.

As on March 31, 2019, Reliance Capital has a liquidity cushion of about Rs 48 crore in the form of unencumbered cash and deposits, as well as estimated inflows of Rs 59 crore in May 2019 and Rs 31 crore in June 2019 – largely interest repayments on loans and debentures to group companies.