MUMBAI, DEC 23: The Credit Rating and Information Services of India Ltd (Crisil) has assigned P1+ (degree of safety) ratings to the debt programmes of Wipro Ltd and Bajaj Auto Finance Ltd. Wipro is tapping the commercial paper (CP) market to raise Rs 50 crore and Bajaj Auto Finance to raise Rs 30 crore.

The ratings factor the financial performance of the two companies and their strong market positions in their respective fields of business.Crisil has also assigned a P1+ rating to the Rs 125 crore certificate of deposit (CD) programme of Karnataka Bank. The rating indicates that the degree of safety regarding timely payment of financial obligations on the instrument is very strong.

Crisil has assigned P1 ratings to the CP programmes of Balkrishna Industries, FAG Precision Bearings and Indo Count Industries. The rating agency has reaffirmed the P1+ rating assigned to the Rs 15 crore CP programme of JB Chemicals & Pharmaceuticals.

A Triple-A (so) rating has been assigned to the pass through certificates (PTCs) issued by Birla Global Finance under their asset-backed securities programme for securitising a pool of auto loan hire purchase contracts originated by them in the normal course of business.

Crisil has assigned a AA rating to the Rs 20 crore non-convertible debenture (NCD) issue of Hero Cycles Ltd.

The rating reflects Hero Cycles' dominant position in the bicycle industry, extremely strong brand franchise, consistently high market share, favourable operating efficiency arising out of cost effective manufacturing operations, stable profitability margins and comfortable capital structure.

Crisil has also reaffirmed the FAAA rating assigned to the fixed deposits (FD) programme of Bajaj Auto Finance and the FA+ rating assigned to the FD programme of Vysya Bank Housing Finance Ltd.

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