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Care assigns AA(SO) rating to Dish TV India
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Credit rating agency, CARE has assigned a AA(SO) rating to the Long-term Bank Facilities of Dish TV India (DTIL).

This rating is applicable for facilities having tenure of more than one year.

Facilities with this rating are considered to offer high safety for timely servicing of debt obligations. Such facilities carry very low credit risk.

These ratings are assigned to the Long-term Bank Facilities (inclusive of all outstanding loan facilities) aggregating Rs 4,300 million.

The ratings factor in credit enhancement in the form of a Minimum Reserve Account agreement entered between DTIL and its lenders, wherein Zee Entertainment Enterprises (ZEEL) would make good the shortfall in payments to be made by DTIL, to its lenders.

<table width="50%" border="1"><tbody>
<tr><td>Bank Facilities</td><td>Amount (Rs million)</td><td>Rating</td></tr>
<tr><td>Long-term Bank Facilities (including term loan)</td><td>4,300</td><td>AA(SO)</td></tr>
<tr><td>Total</td><td>4,300</td><td></td></tr>
</tbody></table>

CARE has assigned AA rating to the Long-term Bank Facilities and also has assigned PR1+ rating to the Short-term Bank Facilities of ZEEL. This rating is applicable for facilities having tenure of over one year.

Facilities with this rating are considered to offer high safety for timely servicing of debt obligations and with this rating would have strong capacity for timely payment of short-term debt obligations and carry lowest credit risk.

CARE assigns `+` or `-` signs to be shown after the assigned rating (wherever necessary) to indicate the relative position of the company within the band covered by the rating symbol.

These ratings are assigned to the Short-term and Long-term Bank Facilities aggregating Rs 2,500 million.

Rating Rationale

The rating factors in credit enhancement is in the form of a Minimum Reserve Account agreement entered into between DTIL and its lenders, wherein Zee Entertainment Enterprises (ZEEL) would make good, if there is shortfall in payments to be made by Dish TV, to its lenders.

Shares of the company gained Rs 1.45, or 4.83%, to settle at Rs 31.50. The total volume of shares traded was 5,282 at the BSE (Tuesday).

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