Associated India Financial Services Private Ltd.

  • Short Term Non Convertible Debenture -  Rating : P1+
  • Commercial Paper Programme - Rs. 1.46 billion Rating : P1+(Reaffirmed and Enhanced from Rs 1 billion)

A 'P1+' (pronounced P one plus) rating has been assigned to Rs 500 million Short Term Non Convertible Debenture programme of Associates India Financial Services Private Limited (Associates). The 'P1+' rating assigned to the company's Commercial Paper programme has been reaffirmed, and the amount has been enhanced to Rs 1.46 billion. The rating reflects the strong support from the parent, Associates First Capital Corp (AFCC), USA (outstanding ratings of A+/A-1 from S&P for its long term and short-term obligations respectively). The rating also factors in relatively recent inception and initial start up losses of the company.

Associates started its operations in India in October 1997, and is engaged primarily in the business of automobiles, consumer durables and corporate financing. Associates's main promoter is AFCC, which is one of the largest financial services companies in the US with assets aggregating $80.9 billion as on December 31, 1998. AFCC is engaged in the business of commercial and consumer finance.