Rating agencies knew of stress at India's IL&FS, but gave good ratings - audit
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MUMBAI/NEW DELHI (Reuters) - Credit rating agencies for years assigned high ratings to India's Infrastructure Leasing & Financial Services (IL&FS) and its group companies despite its deteriorating finances, according to a special audit.Audit firm Grant Thornton was appointed by IL&FS' new board to conduct the review following the government's decision to take charge of the group after its defaults on debt obligations sparked fears of financial contagion. Grant Thornton reviewed the role of five..