CRISIL assigns P1 to Nelco's CP programme

(ADPnews) - May 10, 2011 - CRISIL yesterday gave its P1 rating to the commercial paper (CP) programme of Indian electronic systems and solutions provider Nelco Ltd (BOM:504112), while keeping its rating on the company's long-term bank facilities at A/"stable".

Nelco's ratings still factor in its strong support from parent, Indian utility Tata Power Company (BOM:500400), as well as in its healthy business risk profile. Partly constraining factors are the company's weak financial risk profile and low operating profitability, CRISIL said.

The agency believes that Nelco will sustain its moderate business risk profile over the medium term and its financial backing from its parent.

Rating agency website: www.crisil.com

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