Temasek Holdings to continue support to FICL: ICRA

New Delhi, Jul 10 (UNI) Singapore-based Temasek Holdings will continue to provide financial and operational support to its Indian arm First India Credit Corporation Ltd (FICL) in the medium term, credit rating agency ICRA said today.

Based on this, the agency has assigned A1+ rating to the Rs 500 crore short-term debt programme (including commercial paper) of FICL.

''The highest-credit-quality rating factors on ICRA's expectation that the promoters would continue to provide financial and operational support to FICL over the medium term,'' ICRA said.

The credit rating agency has also based its decision on the experienced management team that has managed similar businesses, its proposed strong focus on systems and procedures including IT infrastructure, 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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