Financial Daily from THE HINDU group of publications
Thursday, Dec 25, 2003
Financial Daily from THE HINDU group of publications Thursday, Dec 25, 2003 |
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Corporate
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Corporate Bonds ICRA upgrades debenture scheme of TV 18 Our Bureau
New Delhi , Dec 24 CREDIT rating agency ICRA has upgraded the rating assigned to Rs 13.44-crore secured partly convertible debenture programme of Television Eighteen India Ltd (TV 18) from LBBB- to LBBB+ indicating moderate safety. This is because the relative degree of safety regarding the timely servicing of interest and principal as per terms has improved. Also, the rating has been upgraded due to the improved operating performance of the channel on account of growth in its advertisement and subscription revenues, demonstrating the channel's increasing popularity. However, the company's operations are primarily dependent on the performance of CNBC-TV18. The consolidated past-accumulated business losses and uncertainty with regard to the Union Government's policy on implementation of conditional access system, and the implications for CNBC-TV18 channel's subscription revenues once its get implemented are matters of concern.
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