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CRISIL gives BBB+/P2+ to Aspinwall's bank facilities.

BANKING AND CREDIT NEWS-24 March 2010-CRISIL gives BBB+/P2+ to Aspinwall's bank facilities(C)1994-2010 M2 COMMUNICATIONS

24 March 2010 - Indian credit rating agency CRISIL gave BBB+ with a "stable" outlook and P2+ to various bank facilities of local diversified holding company Aspinwall & Co Ltd.

The ratings reflect the company's healthy financial risk profile, benefits that it derives from its diversified revenue profile and experienced management. These rating strengths are partially offset by its exposure to risks related to volatility in revenues and margins and large working capital requirements.

CRISIL believes that Aspinwall will maintain the diversity in its revenue profile and healthy capital structure, over the medium-term. Better-than-expected improvement in the financial risk profile, because of large cash accruals and profitability, could result in the outlook revision to "positive". Conversely, larger-than-expected debt-funded capital expenditure or unrelated diversification leading to deterioration in financial risk profile will result in a revision to "negative".

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Publication:M2 Banking & Credit News (BCN)
Date:Mar 24, 2010
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