ICRA attributes A1+ to Rs 250 cr STD prog of BGFC

New Delhi, Oct 9 (UNI) Credit rating agency ICRA today assigned the highest-credit-quality rating, A1+ to the Rs 250 crore Short-Term Debt (STD) programme of Birla Global Finance Company (BGFC) The rating factors in BGFC's strong parentage and the financial flexibility enjoyed by the company by virtue of it being part of the Aditya Birla Group.

The rating also derives comfort from subordinated debt provided by its parent company Aditya Birla Nuvo Ltd (ABNL) with interest and principal subordination and management's commitment to cap its total borrowings at specified levels.

After its merger with ABNL in September last year, BGFC posted net losses of Rs 1.48 crore on an income of Rs 5.16 crore in year ended March 31, 2006.

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