New Delhi, July 01: Credit rating agency ICRA today assigned a conditional high safety 'LAA(SO)' rating to first ever share-backed Rs 75 crore debenture programme of the Oscar Investments (OLL), which is one of the investment companies of the Ranbaxy promoter group. The rating is based on a pledge of shares of Ranbaxy Laboratories (RLL), in which the investment company holds 4.13 per cent share capital valued at over Rs 500 crore, ICRA said in a statement here.
Though the rating had not relied on the direct financial support from Ranbaxy Laboratories, it factored in the strong business prospects and financials, which are likely to have a favourable impact on its performance as collateral, the credit rating agency said.
"The overall level of indebtedness of the group is small in relation to the market value of the assets (mostly shares of RLL) and this provides financial flexibility to the group and is considered to be a positive rating factor," ICRA said.
Bureau Report