Financial Daily from THE HINDU group of publications
Friday, Aug 16, 2002
Financial Daily from THE HINDU group of publications Friday, Aug 16, 2002 |
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Money & Banking
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Credit Rating KMPL debt programme gets `P1+' Our Bureau
MUMBAI: Crisil has rated Kotak Mahindra Primus Ltd's (KMPL) Rs 400-crore short-term debt programme `P1+' (enhanced from Rs 350 crore). All existing long-term non-convertible debenture issues are AA. The rating is reaffirmed and rating continues to be on rating watch with developing implications. The fixed deposit programme is reaffirmed FAA+ rating with the rating on a continued rating watch with developing implications. The rating reflects the company's strong business profile and its comfortable asset liability position. The rating also draws comfort from the liquidity support available to KMPL in the form of unutilised bank limits. The outstanding ratings on KMPL's various long-term non-convertible debenture and fixed deposit programmes continue to be on rating watch with developing implications following the in-principle approval given by Reserve Bank of India to KMPL's parent company, Kotak Mahindra Finance Ltd (KMFL) to convert itself into a bank.
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