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This is an archive article published on July 30, 1998

Sundaram Fin downgraded

MUMBAI, July 29: The Credit Rating Information Services of India Ltd (Crisil) has downgraded the Rs 126 crore non-convertible debenture (...

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MUMBAI, July 29: The Credit Rating Information Services of India Ltd (Crisil) has downgraded the Rs 126 crore non-convertible debenture (NCD) programme of Sundaram Finance Ltd from `triple-A’ to `double-A+’.

It has, however, retained the `triple-A’ rating assigned to the non-banking finance company’s fixed deposit programme and the `P1+’ rating assigned to its Rs 150 crore commercial paper programme. The rating factors in the difficult business situation faced by NBFCs.

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