Fusion Finance's non-convertible debentures (NCD) and subordinate debt have been downgraded by ICRA due to concerns about the company's asset quality and profitability.

The NCD programme, valued at Rs 180 crore, has been downgraded from 'A+' to 'A (Negative)', with the outlook changing from 'Stable' to 'Negative'.

Similarly, the ratings for Rs 55 crore of subordinate debt have also been downgraded to 'A (Negative)' from 'A+'. ICRA has stated that the Negative outlook reflects their expectations of ongoing pressure on the company's asset quality and profitability in the near future.