MUMBAI, June 18: Credit Rating and Information Services of India (Crisil) has assigned a "AAA(so)" rating to Max Telecom Venture's (MTVL) Rs 150-crore deep discount cumulative convertible debentures programme. The rating, indicating the highest safety on timely payment of all obligations, is based on the structure of the instrument, which incorporates a clause of compulsory conversion into equity shares at a pre-determined price, 24 months from the date of issue.

Max India's investments in the telecom sector are channelled through MTVL, a 100 per cent owned holding company for the group's investments in cellular and VSAT operations. MTVL holds 50 per cent equity in Hutchison Max Telecom and Comsat Max, which extend cellular and VSAT services respectivley.The proceeds of the Rs 150-crore debenture issue will be deployed in investments in Hutchison Max Telcom (Rs 63.25 crore), Comsat Max (Rs 1.75 crore) and repayment of loans and advances taken by MTVL (Rs 35 crore).

Crisil has assigned a "P1+" rating to the Rs 15-crore commercial paper programme of Coates of India (COIL).

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