Rating agency Crisil Ratings has placed its 'P1' rating on the Rs 250-crore short-term debt of Kishore Biyani-promoted Future Capital Holdings (FCHL) with rating watch as it is yet to get clarity on FCHL's restructuring plans announced recently.
P1 indicates a very strong degree of safety regarding timely payment of the instrument.
FCHL on March 31 announced that it is transferring its credit business to its subsidiary Future Capital Financial Services (FCFSL).
"The firm will remove the watch once it has clarity on the capital allocation plans for the various businesses of FCHL, and on the impact of the same on the credit profile of the company and its subsidiaries", Crisil stated in a release.
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