AP, Goa and UP to offer development loans: The state government's of Andhra Pradesh, Goa and Uttar Pradesh have offered to sell on tap 12.50 per cent state development loan having a maturity of 10 years. The sale will be conducted in Mumbai, Hyderabad, Kanpur and New Delhi from February 10 to 12. This is the first time that state governments are raising funds through the on-tap issues. The state government of Punjab recently raised Rs 60 crore through a ten-year paper priced at 12.47 per cent.

SAIL bond issue assigned LA rating: ICRA has assigned LA rating to the Rs 300-crore bond programme of SAIL while reaffirming the rating of earlier bonds programme of Rs 3,042 crore. It has also retained the medium term rating of the fixed deposit programme at MA+. This rating indicates adequate safety. According to a release from Icra, the risk factors are more variable and greater in periods of economic stress and three protective factors are average and any adverse changes in circumstances may alter the fundamental strength and affect the timely payment of principal and interest as per terms. In case of short term debt, Icra has reaffirmed the A1 rating for a lower quantum of Rs 200 crore.

Repo rate pegged at 8 per cent: The RBI has announced a four-day fixed rate repos in Government of India dated securities on February 6, 1999 for parties holding SGL and current account. The interest rate is pegged at eight per cent. Payment by application will be on February 6, 1999 and repurchase by RBI on February 10, 1999.

Thirumalai Chemical's NCD rating reaffirmed: Crisil has reaffirmed the rating of Rs 34.1 crore non-convertible debenture issue of Thirumalai Chemical. It has also assigned a `P1' rating to the Rs 15-crore commercial paper programme of Thirumalai. "The rating reflects the company's diversified product mix, established position in the domestic phthalic anhydride industry, adequate operational efficiencies and stable outlook for its maleic anhydride business," said a Crisil release issued on Friday. "These factors are partly offset by the sluggish outlook on the phthalic anhydride and the company's moderately high gearing levels following the debt funding of the recent capacity expansions undertaken by the company," it said.

Hero Honda debt assigned P1: Crisil has assigned a `P1' rating to the Rs 16-crore commercial paper programme of Hero Honda Motors Ltd (HHML). The rating reflects the strong position of the company in the motorcycle industry along with the fundamentals favouring the two wheeler industry in general and the motorcycle industry presently, said a Crisil release on Friday. "The rating also factors in HHML being a part of the Hero Honda group which is the largest manufacturer of bicycles in the world," it said.