ICRA retains ratings of GIC Housing Finance
Wednesday, Aug 18,2010, 10:45:12 PM Click:
18 August 2010 - Indian credit rating agency ICRA retained yesterday the ratings of LAA+ and of A1+ on the respective long-term bank lines and short-term borrowing programme of local GIC Housing Finance Ltd (BOM:511676).
The ratings take into account the support the company receives from General Insurance Corporation of India (GIC), its largest shareholder. The ratings also take into consideration strong focus on the salaried individual segment with insignificant exposures to the riskier builder/construction sector and moderate cost of funds.
The rating strength is offset in part by the small scale of operations, modest asset quality indicators and solvency ratios; and intense competition in the housing finance segment.
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