ICRA assigns A1+ rating to FICL's Rs 500cr STD debt prog

New Delhi, July 10 (UNI) Credit rating agency ICRA has assigned A1+ rating to the Rs 500 crore short-term debt programme (including commercial paper) of First India Credit Corporation Ltd (FICL).

The rating indicates highest-credit-quality to short-term debt instruments.

The rating factors in the profile of FICL's ultimate parent namely Temasek Holdings and ICRA's expectation that the promoters would continue to provide financial and operational support to the company over the medium term.

ICRA also derives comfort from the experienced management team that has managed similar businesses, its proposed strong focus on systems and procedures including IT infrastructure which is the bedrock for running and managing a business that is going to target small ticket and non-prime retail and commercial customers.

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