Saturday, October 24, 1998
Reliance, Telco, ICICI ratings down a notch
Global rating agency Standard & Poor's on Friday followed up its downgrading of the country's sovereign rating by announcing a one-notch lowering of foreign-currency ratings of blue-chip corporates and financial institutions. S&P has lowered the foreign-currency ratings of Larsen & Toubro, Reliance Industries and Telco, ICICI, IDBI and Bank of Baroda, to BB from BB+.
SBI, BankAm to take Telco $30m debt on books
State Bank of India and Bank of America, lead managers to Telco's $30-million external borrowing programme, have decided to take the entire loan amount on their books and dropped the original syndication plan. According to senior bankers, pricing of the ECB will not be affected by the rating downgrade announced by Standard & Poor's on Friday.
Caltex pays Rs 200 cr to Spic for majority stake in LPG joint venture
Caltex has paid in excess of Rs 200 crore to Southern Petrochemical Industries Corporation Ltd (Spic) for acquiring a majority stake in its on-going liquefied petroleum gas (LPG) venture. The move will aid Caltex to import, distribute and market LPG in the country.
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