Financial Daily from THE HINDU group of publications
Thursday, Jan 03, 2002
Financial Daily from THE HINDU group of publications Thursday, Jan 03, 2002 |
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Money & Banking
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Credit Rating Hero Honda NCDs rated `LAAA' Our Bureau
NEW DELHI: ICRA has reaffirmed the `LAAA' rating to the Rs 15-crore non-convertible debenture programme of Hero Honda Motors Ltd (HHML). The rating also factors HHML's access to technology from Honda Motor Corporation-Japan (HMC), which holds 26 per cent equity in HHML. HMC through its 100 per cent subsidiary in India is likely to launch motorcycles in 2004, which may pose challenge to HHML's dominant position in the Indian market. This threat, in ICRA's opinion, is mitigated to some extent by HHML's strong distribution network and financial strength. The `LAAA' rating indicates highest safety and takes into account HHML's strong market position in the motorcycle segment, strong cash accruals from operations, healthy return on capital employed and low gearing level resulting in strong coverage indicators, according to a statement issued by the rating agency.
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