DSPML Cap, Securities ratings reaffirmed on S&P's action on Merill Lynch- Crisil |
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Mon, 15 Oct 2007 13:41
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MUMBAI (Thomson Financial) - Crisil, the Indian unit of Standard and Poor's Ratings Services, said it has reaffirmed its ratings on the debt instruments of DSP Merrill Lynch Capital Ltd, following S&P's rating action on the company's parent Merrill Lynch & Co Inc.On Oct 5, S&P revised its outlook on Merrill Lynch to negative from stable, after the company said it expects a net loss of up to 0.50 usd a share in the quarter to end-September, and reaffirmed its rating at 'AA-/A-1+'.Crisil has an 'AAAr(so)' rating on DSP Capital's 5 billion rupees equity-linked debentures, an 'AAA (fso)' rating on its 25 billion rupees long-term non-convertible debentures, and a 'P1+(so)' and 'P1+' rating on its 60 and 30 billion rupees short-term debenture programmes respectively.The ratings on DSPML Capital's debenture programmes are based on the unconditional and irrevocable guarantee extended to the company by Merrill Lynch, Crisil said.The outlook on the equity-linked debentures and long-term non-convertible debentures is stable, on expectations that Merrill Lynch's credit risk profile will remain adequate over the near to medium-term, Crisil said.Separately, Crisil has also reaffirmed its 'P1+' ratings on the 4 billion rupees short-term debt programme of DSP Merrill Lynch Securities Trading Ltd.TFN.newsdesk@thomson.comypv/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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