CRISIL Ratings has downgraded the long-term bank facilities and non-convertible debentures (NCDs) rating of PTC India Financial Services Ltd. (PFS) from “A+” to “A” with a negative outlook. The downgrade is attributed to the delayed incremental fundraising, leading PFS to limit lending activities and operations. The finance company faced challenges in raising funds due to corporate governance concerns raised by independent directors. PFS has taken steps to address concerns, including strengthening senior management, focusing on collections, and engaging with lenders. The short-term bank facilities and commercial paper program retain an “A1” rating.