Business Daily from THE HINDU group of publications
Saturday, Oct 21, 2006
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Business Daily from THE HINDU group of publications Saturday, Oct 21, 2006 ePaper |
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Corporate
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Mergers & Acquisitions Money & Banking - Credit Rating
Our Bureau
Mumbai , Oct 20 Crisil, the ratings and policy advisory agency, has given `AAA/Stable' rating to the Rs 300-crore non-convertible debentures (NCD) of Tata Sons. The company's Rs 618-crore and Rs 1,150-crore NCDs have also been rated as "stable" by the agency. "These ratings reflect the company's exceptional financial flexibility, comfortable liquidity profile and sound capital structure. We expect the company's capital structure to deteriorate at current levels over the medium term. However, it will be able to sustain the ratings at the current level," said a Crisil release. Crisil has assigned `FAAA/Stable' rating to the fixed deposit scheme as well. According to the rating agency, Tata Sons' financial flexibility arises from its ability to source additional funds, if the need arises. "With its increasing participation in the group's acquisitions, Tata Sons' businesses will be increasingly dependent on the success of these investments. The company, however, has good financial flexibility to mitigate a more aggressive capital structure resulting from its participation in Tata acquisitions," said the release.
More Stories on : Mergers & Acquisitions | Credit Rating | Steel | Tata Steel Ltd | Industry Associations
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