SREI Intl. Finance removed from rating watch

The outstanding fixed deposit rating of SREI International Finance (SREI) has been removed from rating watch.

The rating agency had placed the fixed deposit rating of SREI under `rating watch with developing implications' on August 4, subsequent to the announcement by SREI and three other NBFCs, namely, Alpic Finance, Apple Finance and Apple Credit Corporation of an intention to explore and evaluate the possibility of consolidation or merger or any other combination with a view to emerging as a larger entity.

SREI has subsequently decided not to pursue the above proposition any further. Consequently, Crisil has removed the rating from rating watch.

SREI is one of the large non-banking finance companies (NBFCs) and is primarily engaged in the lease and hire purchase financing of HEM equipment, corporate plant and machinery (P&M), commercial vehicles and cars.

Send this article to Friends by E-Mail

Section  : Business
Previous : P1 plus for Rhone Poulenc
Next     : Kamat Hotels' rating downgraded