S&P removes Shriram from watch

S&P said it affirmed Shriram Transport Finance Co. Ltd.’s BB- ratings and removed them from CreditWatch, where they were placed with negative implications on June 26.

“We removed the ratings from CreditWatch because we expect STFC to sustain an improvement in its liquidity over the next 12 months owing to higher collections and better refinancing conditions,” S&P said in a press release.

The agency noted Shriram’s second results were better than expected. “Collections have improved significantly and were more than 90% (by value) in September-November, compared with about 50% in June-August and 30% in May,” S&P said.

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