Reliance Cap gets top ratings from Crisil, Icra

Two leading rating agencies, Crisil and Icra, have assigned highest-credit quality ratings to the short-term debt programmes of financial services major Reliance Capital.

While Crisil has assigned an 'A1+' rating to Reliance Capital's Rs 6,000 crore short-term debt programme, Icra has also revalidated its 'A1+' rating for the company's Rs 10,000 crore short-term debt programme.

Icra, an associate of global rating agency major Moody's, said that it was the "highest-credit quality rating assigned by Icra to short-term debt instruments" and the rating would remain valid till September 2012.

On the other hand, Crisil said that its 'A1+' rating for Reliance Capital's debt programme indicated a "very strong degree of safety regarding timely payment of financial obligations" with lowest level of credit risk.

Yesterday, another rating agency Fitch had also reaffirmed its ratings for Reliance Capital. However, the agency said that it was withdrawing these ratings as the company has decided not to participate in Fitch rating process.

"The ratings have been reaffirmed and withdrawn as Reliance Capital has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to provide ratings or analytical coverage of Reliance Capital," Fitch Ratings said in a statement.

Reliance Capital has interests in a range of financial services sectors including asset management, mutual funds, portfolio management services, life and general insurance.