ICRA assigns A1 rating to short-term debenture prog of RFL

New Delhi, June 30 (UNI) Credit rating agency ICRA today assigned 'A1' rating to an enhanced amount of Rs 275 crore short-term non convertible debenture programme of Religare Finvest Ltd (RFL).

Earlier, RFL had a rating of A1 for Rs 250 crore short term debt programme.

The A1 rating for the enhanced amount takes into account RFL's rapidly growing financing business volumes, its adequate risk management systems and its profitable operations.

The rating also draws support from the parentage of the promoters of Ranbaxy Laboratories Ltd and the continuous managerial and financial support demonstrated by them.

RFL has also received a fresh equity infusion of Rs 20 crore and preference share capital of Rs 25 crore from its holding company Religare Enterprises Limited in March 2006.

UNI DKS PV RK1840