CRISIL assigns BB- to SPCPL's term loan.

(ADPnews) - Aug 24, 2009 - Indian credit rating agency CRISIL said Friday it assigned a rating of BB- with a "stable" outlook to the INR 800 million (USD 16.5m/EUR 11.5m) term loan of local Shiv Puja Construction Pvt Ltd (SPCPL).

The agency also assigned a rating of P4 to the company's INR 70 million bank guarantee.

The ratings reflect SPCPL's exposure to risks associated with the pre-construction phase of the Sirohi-Mandar-Deesa road project, which is the first project of such large size to be executed by its partner companies; and exposure to revenue risks associated with toll collections. These rating weaknesses are partially offset by the experience of …