Crisil has assigned a triple-A (SO) rating to the Rs 80-crore non-convertible debenture programme (series 24) of GE Capital Services India. A P1+ rating has been assigned to the Rs 300-crore short-term debt programme of the company. The rating factors the strong parentage of the company which is reflected in the favourable liquidity and financial flexibility and strong systems of GE Caps. The rating also factors the relatively low profitability and asset quality of the corporate portfolio. The ratings continue to take into account the support mechanism in the form of a Keepwell agreement from General Electric Capital Corporation of the US.

Vijaya Bank bond issue closes:

Vijaya Bank's maiden bond issue to raise tier-II capital worth Rs 120 crore closed on Tuesday. The issue, which opened on Monday, offered an interest rate of 14.20 per cent annually for a period of 63 months. According to a bank release, the issue was managed by DSP MerrillLynch, ICICI Securities, JM Financial and SBI Capital. "With this bond issue, the bank is expected to maintain a CAR above the required levels up to March 2000," a bank release stated.

Crisil assigns pfAA rating to AEC preference shares:

Crisil has assigned a pfAA rating to the Rs 50-crore preference share issue of Ahmedabad Electricity Company Ltd. The FAA+ rating and the P1+ rating assigned to the company's fixed deposit programme and Rs 40-crore commercial paper programme have been reaffirmed. The ratings take into account the stability of business arising from AEC's licensee status in Ahmedabad and Gandhinagar, relatively favourable consumer mix, comfortable demand supply situation and an established power distribution network.

Three-day repos today:

The RBI has announced three-day 8 per cent fixed-rate repos on Wednesday for parties holding SGL and current accounts with it at Mumbai. Applications may be accepted fully or partially. Payment by applicants will be on Wednesday andrepurchase by the central bank will be on January 2, 1998.

Crisil reaffirms IBP debt rating:

Crisil has reaffirmed the P1+ rating assigned to the Rs 100-crore short-term debt programme of IBP Company Ltd. The rating indicates that the degree of safety regarding timely payment of financial obligations on the instrument is very strong. The rating factors the core nature of the petroleum industry, the business position of IBP within the industry, its predictable cash flow pattern on account of APM pricing for marketing of controlled petroleum products till 2002 and its comfortable liquidity position.

Godrich Finance registration plea rejected:

The RBI has rejected the application for certificate of registration submitted by Godrich Finance & Securities Ltd, a New Delhi-based company. The RBI has said that the company cannot transact the business of a non-banking financial institution.

Alakhnanda Growth registration plea rejected:

The RBI has rejected the application forcertificate of registration submitted by Alakhnanda Growth Funds Ltd, a New Delhi-based company. The RBI has said that the above company cannot transact the business of a non-banking financial institution.

Crisil reaffirms Himatsingka Seide debt rating:

Crisil has reaffirmed the P1+ rating assigned to the Rs 6-crore commercial paper programme of Himatsingka Seide Ltd. The rating reflects the significant presence enjoyed by the company in the global silk decorative fabrics market, the quality of operations and the strong financial position. The rating also factors in the company's recent diversification into the manufacture of yarn and blended fabrics.

Crisil rates Hindustan Orgaincs debt plan:

Crisil has assigned a P2+ rating to the Rs 50-crore commercial paper programme of Hindustan Organic Chemicals Ltd. Two non-convertible debenture programmes of the company, amounting to Rs 150 crore, have been downgraded to A- from AA-, while the fixed deposit programme has been downgraded to FAfrom FAA-. The revision in the ratings is based on the further deterioration in the company's financial risk profile on account of the downturn in the markets for its new products, on which the company has made substantial investments.