Fitch rates Cholamandalam debt AA(ind)

Fitch Ratings said it assigned an AA(ind) national long-term rating to Cholamandalam DBS Finance Ltd. and an AA(ind) national long-term rating to its Rs. 750 million subordinated debt.

The outlook is stable.

The agency said Cholamandalam's ratings reflect the expected benefits from its close operating relationship with its strategic shareholder, DBS Bank; the company's relatively smaller size compared with larger non-bank finance companies in India; and its weak operating performance in the past 18 months.

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