-CARE gives BBB+ rating to ASREC India.
BANKING AND CREDIT NEWS-August 19, 2011--CARE gives BBB+ rating to ASREC India(C)2011 M2 COMMUNICATIONS http://www.m2.com
19 August 2011 - Rating agency CARE said on Thursday it had assigned a BBB+ rating to the long-term bank facilities of Indian financial company ASREC (India) Ltd.
The rating was based on the strong support that the parent companies, most of which banks, provide to the firm, as well as its strong capital adequacy and comfortable resource profile.
The rating was weakened by the limited operating track record of the company under the new management and the risk associated with the acquisition of non-performing assets.
The distressed domestic asset market which is at a nascent stage in terms of both size and volumes constrain the rating further.
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