ICRA assigns LAAA rating to HDFC's Rs 15000 cr borrowing prog

New Delhi, Mar 31 (UNI) Credit rating agency ICRA has assigned an LAAA rating with stable outlook to the Rs 15000 crore borrowing programme for 2006-07, of the Housing Development Finance Corporation Ltd (HDFC).

HDFC has an issuer rating of IrAAA from ICRA. It also has an outstanding ICRA rating of LAAA with stable outlook for long-term debt including subordinated bonds, MAAA rating for the fixed deposit programme of HDFC and A1+ rating for the short-term debt programme of HDFC.

The ratings are the highest-credit-quality ratings assigned by ICRA and the rated instruments carry the lowest credit risk. The ratings reflect HDFC's dominant market position in the housing finance (HF) industry, competitive operating cost structure, improving profitability despite intense competition, sound asset quality, well-diversified resource base and comfortable capitalisation levels.

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