• Commercial paper programme - Rs. 10 crore Rating : P1+
• Fixed deposit programme Rating : FAAA (reaffirmed)

The ‘FAAA’ (pronounced ‘F triple A’) rating assigned to the Fixed Deposit Programme of Bajaj Auto Finance Limited (BAFL) has been reaffirmed. A ‘P1+’ (pronounced ‘P one plus’) rating has been assigned to the commercial paper programme to BAFL.

The ratings reflect the strong financial and business support to BAFL from its parent Bajaj Auto Limited (BAL), BAFL’s strong market position in the two wheeler financing business, comfortable asset quality, strong financial position and favourable capital structure.

BAFL is engaged in financing two wheelers manufactured by BAL. Besides, two-wheeler financing, BAFL is also engaged in other fund based activities, such as discounting bills of exchange accepted by BAL and financing of consumer durables, which have synergies with the existing network and customer base. During the year 1998-99, the company reported total income of Rs. 589.1 million and profit after tax of Rs. 158.8 million.