Crisil Aaa For Bses Issue

The Credit Rating and Investment Services of India Ltd (Crisil) has assigned a AAA rating to the Rs 50-crore non-convertible debenture issue of BSES Ltd.

The rating takes into account the companys stability of profits due to its licensee status, strong market position in north Mumbai, efficient distribution network and stable operations of its recently commissioned Dahanu Thermal power plant, said a Crisil release.

Another credit rating agency, the Investment Information and Credit Rating Agency (Icra) has assigned a LAAA rating to the proposed Rs 50-crore bond issue of BSES Ltd and retained the MAAA and A1 + ratings assigned to its FD and CP programmes. Icra believes that bank rate variations are unlikely to have a significant impact on the debt servicing ability of BSES.

Crisil has also reaffirmed the AA+ rating and P1+ rating for the FD and the Rs 25-crore commercial paper programmes, respectively, of BOC India Ltd. The NCD issue of Precision Fasteners Ltd has been downgraded by Crisil from AA- to BBB. The rating of its FD programme has also been downgraded from AA- to A.

The rating revision reflects the liquidity crunch faced by the company on account of the ongoing capital expenditure programme and the consequent funding mismatch.

Icra has assigned a rating of LAA (so) to the Rs 100 crore NCD issue of Birla Global Finance Ltd. The rating assigned to the fixed deposit programme of Arihant Credit Capital Ltd has been downgraded from BB to D by the Credit Analysis and Research Ltd (CARE).

The rating agency has assigned a AA-(so) rating to the 8 crore FD programme of Kerala Transport Development Finance Corporation Ltd.

CARE has also assigned `PR1+ ratings to the Rs 10 crore and Rs 40 crore CP issues of Universal Cables Ltd and Goetze India Ltd respectively.

The CP issue of Gonterman Piepers (India) Ltd of the Ispat group has been assigned a `PR1 rating for an additional amount of Rs 5 crore.

CARE has also assigned a PR1 rating to the Rs 10 crore CP issue of EMCO Transformers Ltd.