On 5th December, Brickwork Ratings downgraded bank facilities of Essel Infraprojects worth ₹1,832.42 crores to D (default) on the grounds that the issuer was not co-operating with the ratings agency. Following this Franklin Templeton AMC has written down 50% of its roughly ₹500 crore exposure to the company. Four schemes of Franklin Templeton AMC – Franklin India Low Duration Fund, Franklin India Short Term Income Fund, Franklin India Credit Risk Fund and Franklin India Dynamic Accrual Fund have exposure to Essel Infraprojects according to data from Rupeevest, as of 31st October. As a percentage of assets, the exposures range from 4.11% in case of Franklin Low Duration to 0.49% in case of Franklin Dynamic Accrual Fund.
