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A-rated firms seek better terms

Mumbai, Jan. 11: At a time when companies with AAA rating are reaping the advantages of a low interest rate regime, A-rated companies that have improved their financials and shed legacy problems are now seeking better resource raising conditions.

Seven such companies have made elaborate presentations before a gathering of bankers, bond market experts and rating professionals detailing their business plans which seemed to convey the underlying message: time has come for the markets to look at opportunities beyond AAA or AA-rated paper. Moreover, the rating agencies may even consider upgrading them.

These included Jindal Steel and Power Ltd, Orchid Chemicals & Pharmaceuticals Ltd, Aban Lloyd, Samtel Colour Ltd, Usha Beltron, Balrampur Chini and Indo-Rama. The presentations were made at a one-day seminar on Evolving Debt Markets: Opportunities Beyond AA organised by Fitch Ratings and ICICI Bank here on Friday.

Speaking on the occasion, Amit Tandon, managing director of Fitch Ratings, said, though bond markets have deepened and provided phenomenal returns, trading and portfolios are concentrated between government securities and AAA/AA-rated corporate bonds.

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