Fitch Affirms Positive Ratings For Nuacl Instruments

Fitch Ratings India has reaffirmed the "Ind AA (FD)" (Ind double A fixed deposit) rating to the fixed deposit programme, the "Ind AA" (Ind double A) rating to the Rs 40 crore non convertible debentures and the "Ind AA-" (Ind double A minus) rating to the Rs 10 crore long term loan programme of Nicco Uco Alliance credit Ltd (NUACL). The rating indicates high credit quality.

In a press release, Fitch said, protection factors are strong. Risk is modest but may vary slightly from time to time because of economic factors.

Fitch has also reaffirmed the "Ind D-1+" (Ind D one plus) rating to the Rs 10 crore commercial paper programme of NUACL. The rating indicates very high certainty of timely payment. Fitch adds, liquidity factors, including internal operating factors and or access to alternative sources of funds, are excellent and supported by good fundamental protection factors and risk factors are minor.

 

NUACL has an asset base of over Rs 300 crore. The company is promoted by the Kolkata-based Nicco group and has an equity holding from UCO Bank, IFC (USA), SG Hambro (UK), San Paolo Bank (Italy) and the State Secretariat for Economic Affairs (Switzerland) also hold stakes in the company.