Notice: Undefined index: secID in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 9

Warning: include_once(/newsCentre/captcha.php): failed to open stream: No such file or directory in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 25

Warning: include_once(): Failed opening '/newsCentre/captcha.php' for inclusion (include_path='.:/usr/share/php') in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 25

Notice: Undefined index: secID in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 49

Notice: Undefined variable: storySecID in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 57

Warning: count(): Parameter must be an array or an object that implements Countable in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 223

Warning: include_once(./functions/secwiseNewsFunctions.php): failed to open stream: No such file or directory in /me/beta.myiris.com/htdocs/newsCentre/bodyTop.php on line 5

Warning: include_once(): Failed opening './functions/secwiseNewsFunctions.php' for inclusion (include_path='.:/usr/share/php') in /me/beta.myiris.com/htdocs/newsCentre/bodyTop.php on line 5
Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
02 July, 2025 17:14 IST
Fitch rates STFC's USD senior secured bonds 'BB+(EXP)'
Source: IRIS | 20 Feb, 2019, 10.33AM
Rating: NAN / 5 stars.
Comments  |  Post Comment

Notice: Undefined variable: fileR in /me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line 17

Notice: Undefined variable: fileR in /me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line 142

Fitch Ratings has assigned India-based Shriram Transport Finance Company (STFC) proposed senior secured US-dollar denominated notes an expected rating of 'BB+(EXP)'.

The proposed bonds will carry a fixed-rate coupon payable semi-annually and will be secured by a fixed charge over specified accounts receiveable, in line with STFC's domestic secured bonds and rupee denominated senior secured bonds issued overseas. The notes are also subject to maintenance covenants that require STFC to meet regulatory capital requirements at all times, maintain net non-performing loan (NPL) ratio equal to or less than 7%, and ensure its security coverage ratio is equal to or greater than 1 at all times. The notes are expected to carry maturites of three to five year.

The US dollar denominated notes will be issued in the international market by the company under the Reserve Bank of India's New External Commercial Borrowings (ECB) framework issued in January 2019.

Key Rating Drivers STFC's proposed bonds are rated the same level as its Long-Term Foreign-Currency Issuer Default Rating of 'BB+' in accordance with Fitch's rating criteria.

Most of STFC's debt is secured and Fitch considers that non-payment of the company's senior secured debt would best reflect uncured failure. STFC can issue unsecured debt in the overseas market, but such debt is likely to constitute a small portion of its funding and thus cannot be viewed as its primary financial obligation.

For more information on the Key Rating Drivers and Rating Sensitivities on the company, please see "Fitch Affirms India's Shriram Transport Finance at 'BB+'; Outlook Stable," published 20 December 2018.

Rating Sensitivities The rating on the proposed bond will move in tandem with STFC's Long-Term Foreign-Currency Issuer Default Rating.

 Post Comment
Notice: Undefined index: dir in /me/beta.myiris.com/htdocs/newsCentre/comments.php on line 162
>
Name Email
Comment
Security Code type   
Notice: Undefined variable: captchacode in /me/beta.myiris.com/htdocs/newsCentre/comments.php on line 183
into this box
Related Articles

Notice: Constant DOC_ROOT_FOR_HTML_FILES already defined in /me/beta.myiris.com/htdocs/newsCentre/rightSideTabs.php on line 1

Notice: Undefined index: secID in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 470

Notice: Undefined index: secID in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 470
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer


Warning: fopen(/me/beta.myiris.com/htdocs/newsCentre/news_web_count.txt): failed to open stream: Permission denied in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 566

Warning: fwrite() expects parameter 1 to be resource, boolean given in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 567

Warning: fclose() expects parameter 1 to be resource, boolean given in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 568

Notice: Undefined index: key in /me/beta.myiris.com/htdocs/newsCentre/storyShow.php on line 571