High Fitch rating for L&T Holding's NCD programme
Our Corporate Bureau
18 March 2004
Mumbai: Credit rating agency Fitch India has assigned F1+(ind) rating to the proposed Rs 75-crore short-term non-convertible debenture programme of L&T Holdings Ltd (LTHL), the rating being based on the `letter of comfort' provided by L&T Ltd.
This is apart from the proposed Rs 100-crore redeemable NCD programme of L&T.
The proposed borrowing is towards part financing the special purpose vehicles promoted by LTHL which expects to generate revenue from project management, dividend income and divestment of stake from operational SPVs, said a news release from Fitch India.
The F1+(ind) rating denotes `highest credit quality' and indicates the strongest capacity for timely payment of financial commitments, said the news release.