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-CARE rates Aermid Healthcare (India) at BBB-.

BANKING AND CREDIT NEWS-November 14, 2011--CARE rates Aermid Healthcare (India) at BBB-(C)2011 M2 COMMUNICATIONS

14 November 2011 - CARE on Monday attached a BBB- rating to the INR1.47bn (USD29.2m/EUR21.3m) long-term bank facility of Indian construction consortium Aermid Healthcare (India) Private Ltd.

The group is currently building a 400-bed multi-specialty hospital in Kalamboli, Navi Mumbai.

Some of the favourable rating factors include the support the consortium receives from its promoters, as well as the solid degree of preparation for the project, accompanied by its strategic location.

However, the rating is weakened by the nascent stage of project implementation, combined with the fragmented market and large competition, the agency said.

If the company finishes its project successfully without any time or budget overruns and meets its occupancy level target, CARE might upgrade the rating.

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:9INDI
Date:Nov 14, 2011
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