Fitch affirms DSP Merrill Lynch

Fitch Ratings said it affirmed DSP Merrill Lynch Capital Ltd.'s national short-term rating, along with the rating on its Rs. 2.5 billion short-term debt at F1+(ind). The national long-term rating of AAA(ind) assigned to its Rs. 15 billion long-term debenture program and its Rs. 5 billion fully principal-protected equity linked notes program is no longer outstanding.

The ratings reflect the ownership and integration of and support from its ultimate parent company - Bank of America Corp., Fitch said, along with its strong capitalization and liquidity profile.

But the company's new operational setup remains untested, and future credit and market-related losses cannot be ruled out, the agency said.

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