Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Shriram Transport Finance Co. Ltd. > News item |
Fitch gives Shriram Finance notes BB
Fitch Ratings said it assigned a BB rating to Shriram Finance Ltd.'s $150 million of senior secured floating-rate notes due 2026. SFL was formerly known as Shriram Transport Finance Co. Ltd.
The agency said it rates the notes at the same level as SFL’s issuer rating under Fitch’s rating criteria.
The notes are secured by a fixed charge over specified receivables, in line with SFL's domestic secured bonds and its U.S. dollar- and rupee-denominated senior secured debt issued overseas. The notes are also subject to maintenance covenants that require SFL to always meet regulatory capital requirements, maintain a net stage 3 asset ratio equal to or less than 7%, and ensure its security coverage ratio is always equal to or greater than 1x.
The notes are issued under the Reserve Bank of India's external commercial borrowing framework. The notes are issued on a floating interest-rate basis of 2.25% above the compounded daily secured overnight financing rate.
The outlook is stable.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.