In response to a request from the BSE, GFH provided additional information on it recent downgrade by S&P including the text of S&P's analysis.
Nothing surprising here.
GFH is trying to revise its business model and deal with upcoming maturities under very difficult market conditions.
Liquidity and upcoming debt maturities are the two main challenges to implementing this change of course - which is why the rating agency has focused its rating action on these issues.
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