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July 28, 2001
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Crisil puts Tata Fin debt on rating watch

Credit Rating Information Services of India Ltd said on Friday it has placed Tata Finance Ltd's debenture issue, commercial paper and fixed deposit programmes on "rating watch with developing implications".

The move has been prompted by news of unauthorised financial transactions and sizeable losses in some of Tata Finance's associate companies, Crisil said.

But the Tata group's public commitment to honour the finance firm's debt obligations is a significant comfort factor, the rating agency added.

The Tata group, the country's second-largest conglomerate by sales, said on Wednesday its financial services firm had sacked five senior officials, who had committed serious irregularities, leading to sizeable losses. A former managing director also blamed for the losses had already quit.

Crisil said the Rs 2.6 billion non-convertible debenture issue is currently rated AA-, the fixed deposit programme is rated FAA and the Rs 1.0 billion commercial paper programme is rated P1+.

Tata Finance shares ended up 1.9 per cent at Rs 24.10 on Friday while the main Bombay index shed 0.23 per cent.

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