Fitch Ratings has assigned GIFL
a national long-term rating of 'AAA(ind).'
The ratings are grounded on the analysts' projection of sustained backup from GIFL's owner, Goldman Sachs Group Inc (NYSE:GS), given its integration with the parent's global policies on management, systems and operations.
The agency considers that GIFL is an important part of Goldman's Indian operations, which feature investment banking, broking, asset management, and primary dealership.
At the same time, the agency reiterated the F1+(ind) rating on GIFL's INR10bn commercial paper programme.
The rating is based on Fitch's projection for a sustained backing and close ties with GIFL's parent, Goldman Sachs Group Inc (NYSE:GS), the analysts explained.
GIFL's national rating is completely contingent on support from its parent as GIFL is a start-up entity, Fitch added.
1 June 2010 - Fitch set today a national long-term F1+(ind)(SO) rating to the INR10bn (USD212.2m/EUR175.1m) commercial paper (CP) programme of Goldman Sachs (India) Finance Pvt Ltd (GIFL).
GIFL's operations are fully integrated with that of GS's global policies, systems and management.
GIFL's national rating is entirely contingent on support from its parent as the Indian firm is a start-up entity.