Business Standard, 26 May 2009
Fullerton India Credit Company (FICC), the non-banking finance subsidiary of Singapore-based Temaesk, may need additional assistance from its government-owned parent to withstand weak business conditions and risks of high credit losses, a rating agency said here on Monday.
In its statement, Fitch Ratings said FICC extends mostly unsecured loans, which comprises over 80 per cent of its lending, to its clients. Borrowers predominantly belong to the lower-middle or the middle income segments, a large part of which is self-employed.
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