Fitch Ratings has assigned a 'BB(EXP)' rating to Shriram Finance's proposed US dollar-denominated senior secured bonds, indicating some risk of default but still a safer investment. The bonds will be issued under the company's USD 3.5 billion global medium-term-note program.
Photograph: Amanda Andrade-Rhoades/Reuters
New Delhi, Jan 15 (PTI) Global rating agency Fitch on Monday assigned the 'BB(EXP)' rating to Shriram Finance Limited's proposed US dollar-denominated senior secured bonds.
'BB(EXP)' rating reflects that an issuer has some risk of default but is still a safer investment compared to others.
The final rating is subject to the receipt of final documentation conforming to information already received, Fitch Ratings said in a statement.
Shriram Finance will issue the proposed bonds in the international market under the Reserve Bank of India's external commercial borrowing framework.
The company will issue proposed bonds under the USD 3.5 billion global medium-term-note programme, which was updated on December 29, 2023.
The proposed bonds will carry a fixed-rate coupon payable semi-annually and secured by a fixed charge over specified accounts receivable in line with the company's domestic secured bonds.
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