MUMBAI (Thomson Financial) - Indian ratings agency Crisil Ratings said it assigned Citicorp Maruti Finance Ltd's 3000 mln rupees non-convertible debentures 'AAA' ratings with stable outlook.
The ratings are based on the company's ultimate majority ownership by Citigroup Inc, rated 'AA' by S&P, and its strategic importance to the ultimate parent.
Crisil, a unit of Standard and Poor's in India, said it expects Citicorp Maruti to continue to benefit from the management, branding, ownership, and funding support provided by Citigroup Inc.
However, given the intense competition in the car-financing segment, the company's standalone credit risk profile would depend on how it improves its market position and profitability while maintaining the asset quality. TFN.newsdesk@thomson.com vsr/ssa COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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