Fitch Assigns 'F1+(ind)' to BASIL short term debt progm

New Delhi, June 20 (UNI) Fitch Ratings has assigned a National Short-term 'F1+(ind)' rating to the short-term debt programme of Bank of America Securities (India) Private Ltd ("BASIL").

The rating reflects the comfortable capitalisation level, robust risk management systems and ample liquidity of the primary dealer ("PD"). The rating also factors in the strong support of its parent, Bank of America, N A ("BANA", rated Long-term foreign currency 'AA-'), which holds 100 per cent of its equity.

BANA plans to ultimately merge BASIL's PD business with the bank's operations in India subject to regulatory approval.

Currently BASIL's main activity is primary dealership; other business, including corporate debt underwriting, are small in comparison. After the PD operations are transferred off its balance sheet, BASIL would continue to operate as a non-bank finance company ("NBFC"). Its capitalisation and areas of operation would likely evolve.

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