Reuters India, 15 Dec 2008
Dec 15 - Fitch Ratings today affirmed Fullerton India Credit Company's (FICC) National Short-term rating and the National rating of its INR2.5bn short-term debt programme at 'F1+(ind)'.
The rating is based on the strong expectation of support from its ultimate parent Temasek Holdings [TEM.UL], which is owned by the Government of Singapore ('AAA'). FICC's parent has thus far provided managerial, technical and financial support whenever required.
FICC extends largely unsecured (more than 80% of its loans are unsecured) credit to lower income salaried and lower-to-middle income self-employed through a relationship model.
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