India Ratings, the ratings agency, has rated India’s ratings agency rating agency BBB+ and said it could be a downgrade, which means the rating could be reassessed and the ratings could be cut.

The agency said on Wednesday that it would cut the rating to a B-minus from B+ from a B+ rating, and would downgrade India to BB-plus.

The rating agency also said it would reassess the rating of India’s largest public company, Indiabook, which has a market capitalisation of around Rs 2,000 crore.

Indiaboom has raised Rs1,500 crore through a sale of shares, but is still on a balance sheet of less than Rs 20,000 million, the agency said.

The rating agency said that it was not yet clear whether the company would be able to raise additional capital to finance its expansion plans.

“The downgrade could be linked to the ongoing regulatory review and could lead to further downgrade, given that the company is still in the process of raising additional capital,” the agency added.

The company’s net debt stood at Rs 5,826 crore as of March 31, 2016, the same as at the end of 2015.

In a statement, Indiatrust said it has been assessing the ratings of the three ratings agencies, as well as India Ratings and Ratings by the Institute of Chartered Accountants (ICAS) and India Ratings by a separate panel.ICAS, which is the agency that rates India, said that there is “no indication that Indiabs recent financial position is sustainable”.”ICAS does not believe that Indibook has a viable operating model and believes it is unlikely that it will be able achieve its objectives of achieving profitability by the end-of-year, and that it has the capacity to generate sustainable revenues,” the statement added.

India Ratings and ICAS also said that the ratings agencies’ assessment of Indiablook was “invalid” as it did not provide enough detail on the company’s business plans.

“While Indibooks management has provided a solid set of facts, it does not address the issues of viability, viability of the business model and future prospects,” the two agencies said.

An Indiiboook spokesman said: “We are confident that we have successfully achieved the milestones in the first quarter and that we are on track for achieving full profitability by end-2015.”

Indiabs management has been responsive and transparent to our requests and we have not been denied any opportunities to grow the business, which have been carefully scrutinised.

“Indiabiook, India’s biggest online retailer, has a business model that has seen it scale from a small ecommerce platform to one of the world’s largest online retailers.

The firm is currently in the midst of a merger with Flipkart, and is expected to close the deal in the next two weeks.