The downgrade would mean they would have no buyers for their debt papers. It would also impact borrowing from overseas banks," said a Mumbai-based analyst.
In a new report, the agency said the gross non-performing assets for the sector will rise to around 4 per cent on an asset size of over Rs 5,50,000 crore by March 2009, as against 2.7 per cent at the
However, portability services, which were earlier expected to be launched by the end of the year in the four metros -- Delhi, Mumbai, Kolkata and Chennai -- as well as Tamil Nadu, have now been delayed till February or March