DSPML under rating watch

Credit rating agency Crisil has put DSP Merrill Lynch’s (DSPML) plan to raise more than Rs 22,000 crore through debt placements and bank guarantees ‘under watch with developing implications’. The move follows Merrill Lynch’s takeover by Bank of America on September 15.

In a release issued here today, Crisil said it had placed DSPML group’s entities, including DSP Merrill Lynch (DSPML), DSP Merrill Lynch Capital (DSPMLC) and DSP Merrill Lynch Securities Trading (DSPMLST) under watch after the global credit rating agency, Standard and Poor’s, gave a negative rating to Bank of America for acquiring Merrill Lynch for $50 billion in an all-stock transaction.