DSP Merrill Lynch debt programmes reaffirmed after parent's outlook cut - Crisil |
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Published
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Tue, 16 Oct 2007 06:11
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MUMBAI (Thomson Financial) - Crisil reaffirmed its ratings on the short-term debt programmes of DSP Merrill Lynch Ltd (DSP Merrill) and its unit DSP Merrill Lynch Securities Trading Ltd (DMLST), after S&P cut its outlook on the companies' ultimate parent Merrill Lynch & Co Inc (Merrill) to negative from stable.Merrill's outlook was revised after it said it expects a loss of up to 0.50 usd a share in the quarter ended Sept 30.Crisil, a division of S&P, said the 'P1+' ratings on DSP Merrill's 10 bln rupees and DMLST's 4 bln rupees short-term debt programmes continues to reflect the support they receive from Merrill.The ratings are further supported by DSP Merrill's strong market position in the investment banking and institutional broking businesses, and its favourable financial risk profile marked by large capital size and stable profitability.These strengths are partially offset by the risks inherent to the businesses, in terms of their linkages to volatility in the capital market.TFN.newsdesk@thomson.comjroCOPYRIGHTCopyright 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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DSPML Cap, Securities ratings reaffirmed on S&P's action on Merill Lynch- Crisil 