Crisil Cranks Up Niits Debentures
Credit Rating and Information Services of India Ltd (Crisil) has upgraded Rs 25-crore worth of non-convertible debentures of NIIT Ltd from AA+ to AAA.
The rating agency has also reaffirmed the FAAA and P1+ ratings assigned to the fixed deposit issue and the Rs 40 crore commercial paper issues of the company, respectively.
Debentures rated AAA are judged to offer highest safety of timely payment of interest and principal.
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Crisil says the upgrade in ratings reflects the improvement in the overall business and financial risk profile of the company on account of a sustained growth in the business and financial risk profile of the company on account of sustained growth in its businesses and a balanced mix of software solutions and learning solutions businesses.
The rating agency says that NIIT has a strong franchisee network in the learning business and well diversified software services, e-commerce solutions and systems integration business carried out through NIIT and its subsidiaries globally.