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| Fitch Affirms India's Shriram EPC's Commercial Paper at 'F1(ind)' |
| Announcement / Banking Sep 17, 2009, 19:56 IST |
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Fitch Ratings has today affirmed India's Shriram EPC Ltd's (SEPC) National Long-term rating at 'A-(ind)'. The Outlook is Stable. At the same time, the agency has affirmed SEPC's INR1,798m long-term fund-based limits and its INR910m long-term loans at 'A-(ind)', and its INR5,470m short-term non fund-based limits, INR500m short-term loans and INR1,000m Commercial Paper programme at 'F1(ind)'. The CP programme will be carved out of existing fund-based working capital limits.
For the rationale affecting the rating action, please refer to the press release dated 23 July 2009, "Fitch Rates India's Shriram EPC's Commercial Paper 'F1(ind)'".
Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA (ind)' for National ratings in India. Specific letter grades are not therefore internationally comparable.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Fitch Ratings currently maintains coverage of approximately 6,000 financial institutions, including over 3,200 banks and 2,200 insurance companies. Finance & leasing companies, broker-dealers, asset managers, managed funds, and covered bonds make up the remainder of Fitch Ratings’ financial institution coverage universe.
Fitch India has Five rating offices located at Mumbai, Delhi, Chennai, Kolkata and Bangalore. Fitch is recognised by Reserve Bank of India, Securities Exchange Board of India (SEBI) and National Housing Bank.
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