Grant Thornton in its forensic audit report, has blown the lid off unholy nexus between India's rating agencies and IL&FS. The report revealed that good rating was consistently provided to IL&FS between June 2012 and 2018. Multiple emails were found that confirmed financial stress in IL&FS. Credit rating agencies failed to downgrade IL&FS despite complete know-how of stress. Financial stress in IL&FS was recognised by credit rating agencies in 2008-2012. More details here.