Financial Daily from THE HINDU group of publications
Thursday, Jan 02, 2003
Financial Daily from THE HINDU group of publications Thursday, Jan 02, 2003 |
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Money & Banking
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Credit Rating `High rating' for Sandvik NCD Our Bureau
MUMBAI, Jan. 1 ICRA has upgraded the long-term rating assigned to the Rs 10-crore non-convertible debenture programme of Sandvik Asia Ltd (SAL) from LA+ to LAA-, indicating high safety. The rating assigned to the commercial paper programme of Rs 20 crore has been retained at an A1+, indicating highest safety in the short-term. The rating considers the sustenance of SAL's strong market position in the cutting tool industry, its low gearing levels and the increasing integration with its parent Sandvik AB, which has a dominant market position in the global cutting tool, specialty steel and construction equipment businesses. The rating is, however, constrained by the pressure on operating profitability, due to increasing competition in the individual product markets and the likely adverse impact on profitability from the proposed merger of SAL, with Sandvik Group's associate companies — Sandvik Steel Asia Private Limited and Kanthal India Ltd.
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