CRISIL has reaffirmed 'A+/Stable/A1+' ratings on the debt programme of PTC India Financial Services (PFS). The rating continues to centrally factor in the company's strategic importance to, and the support it is expected to receive from, its promoter, PTC India (PTC; rated 'A1+').

CRISIL believes that PTC will maintain majority ownership in, and extend strong support to, PFS.

Furthermore, PFS will maintain a comfortable financial risk profile over the medium term. The outlook may be revised to 'Positive' in case of a material improvement in PTC's credit risk profile or if there is sustained and significant improvement in its asset quality and competitive position, while it maintains a comfortable financial risk profile.

Conversely, the outlook may be revised to 'Negative' in case of substantial changes in PTC's ownership in, or support extended to, PFS or if PTC's credit risk profile weakens. The outlook may also be revised to 'Negative' if material deterioration in asset quality adversely impacts PFS's capitalisation and earnings.

Shares of the company declined Rs 1.45, or 4.45%, to settle at Rs 31.15 at the BSE (Friday).