ICRA reaffirms A1+ for Rs 50 cr CP prog of CMC
New Delhi, Jul 6 (UNI) Credit Rating agency ICRA has reaffirmed A1+ rating to the enhanced Rs 50 crore Commercial Paper/Short Term Debt Programme of CMC Ltd.
The rating of A1+ is the highest credit-quality rating assigned by ICRA to short-term debt instruments.
The reaffirmation of the rating takes into account CMC's established position in the maintenance and systems integration segments of the domestic IT services industry, strong vertical industry skills and a long track record of implementing key projects for the government, public sector undertakings (PSU's) and private enterprises.
The rating also factors in CMC's increased presence in the international market post its disinvestment and the acquisition of 51 per cent stake by Tata Sons.
CMC was a Government enterprise till October 2001,when Tata Sons acquired 51 per cent stake of the GoI, thereby making CMC its subsidiary.
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