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Rupee-bond rating
#S&P Global Ratings has assigned its ‘BB+’ long-term issue rating to a proposed issue of rupee-denominated offshore bonds, commonly known as “masala” bonds, by #Shriram Transport Finance Co. Ltd. (STFC: BB+/Stable/B).
“We equalize the rating on the notes with the long-term issuer credit rating on the company,” said S&P in a statement on Jan 12, 2017.
The notes are direct and unconditional obligations of STFC. They are secured and will rank pari passu, without any preference among themselves, with all other outstanding secured and unsubordinated obligations of the issuer.
The bond issue has performance-related covenants, which, if breached, can result in an event of default and early redemption of the bonds, subject to approval from the #Reserve Bank of India. Fii-news.com
