Crisil rates GE Money’s Rs 3 bn NCD issue
Rating agency Crisil assignes stable rating to GE Money Rs 3 billion NCD issue and reaffirms rating on STD programme.
By INDIATIMES NEWS NETWORK |
MUMBAI: Crisil has assigned AAA/Stable rating to the Rs 3 billion non-convertible debentures of GE Money Financial Services Ltd and reaffirmed P1+ rating for the company’s Rs 10.25 billion short-term debt programme.
Crisil's ratings on GE Money's debt instruments are primarily based on the fact that the company is owned by the General Electric group through GE Capital Corporation, and on the strategic importance of the consumer finance business to GE.
GE holds 100 per cent stake in GE Capital, the largest non-banking finance company worldwide. GE Capital had an asset base of 543.7 billion dollars as on December 31, 2006.
The ratings also reflect GE Money’s current healthy capital position, its growing presence in key business segments, and its changing business focus towards personal loans and loans against mortgage of property.
However, the company's earnings profile remains constrained by high operating costs and average asset quality.
Crisil's ratings on GE Money's debt instruments are primarily based on the fact that the company is owned by the General Electric group through GE Capital Corporation, and on the strategic importance of the consumer finance business to GE.
GE holds 100 per cent stake in GE Capital, the largest non-banking finance company worldwide. GE Capital had an asset base of 543.7 billion dollars as on December 31, 2006.
The ratings also reflect GE Money’s current healthy capital position, its growing presence in key business segments, and its changing business focus towards personal loans and loans against mortgage of property.
However, the company's earnings profile remains constrained by high operating costs and average asset quality.
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