Chennai, Dec 26 (PTI): Rating agency CRISIL has upgradedthe fixed deposit rating of city-based Sundaram BNP ParibasHome Finance to 'FAAA' with stable outlook.
The rating "factors in the tremendous support" the companygets from Sundaram Finance Ltd in terms of business supportand management inputs, Sundaram BNP Paribas Home Finance saidin a statement.
Sundaram BNP Paribas Home Finance is 50.1 per cent and49.9 per cent joint venture between Sundaram Finance Ltd andBNP Paribas of France.
"The upgrade in rating recognises the inherent strength ofthe company and the growth opportunities. The company isseeing good growth in new home loan disbursements this year",company Managing Director, Srinivas Acharya said.
"With this rating upgrading, we expect to further increaseour deposit base as part of our fund raising plans", he added.
The company had a deposit base of over Rs 1,000 crore andwas looking to increase it to Rs 2,000 crore this year to fundgrowth plans through a mix of various funding instruments, thestatement said.
Deposits contribute around 15 per cent of the totalfunding mix, it said.
Sundaram BNP Paribas Home Finance has over 110 branchesacross the country and currently it was in the process ofopening 10 more offices, the statement said.
During the second quarter of current financial year, thecompany witnessed a 32 per cent growth in home loandisbursements and was continuing to see good traction inthe home loan segment in third quarter, it added.PTI VIJVS.
This is unedited, unformatted feed from the Press Trust of India wire.