Crisil reaffirms ratings on Tisco's fund raising programmes

The Credit Rating Information Services of India Ltd (Crisil) has reaffirmed its ratings of three different fund raising programmes of Tata Iron and Steel Company Ltd (Tisco).

Crisil has reaffirmed AA+, FAAA+ and P1+ ratings to Tisco's non-convertible debenture programmes aggregating Rs 10.65 billion, fixed deposit programme and Rs 4 billion commercial paper programme respectively.

The ratings continue to reflect the Tisco's strong business profile characterised by its pre-eminent

position in the domestic steel industry and a strong global cost position arising out of its highly integrated operations and superior operating efficiency, Crisil said in a release Monday.

The ratings also reflect the financial flexibility that the company enjoys as a flagship of the Tata group and its increasing sales of value-added products following the stabilisation of its recently commissioned cold-rolling (CR) mill, Crisil said.

UNI