Mahindra & Mahindra Ltd.’s (M&M) credit rating has been upgraded to AAA, by Credit Analysis & Research Ltd. (CARE). The rating agency assigned its highest ‘CARE AAA’ level of rating for the long-term bank facilities of M&M.
CARE based its upgrade on M&M’s continued strong operational and financial performance in the face of significant challenges in the business environment.
Commenting on the development, Mr. Anand Mahindra, Chairman, Mahindra Group, said, “This rating upgrade by CARE is the result of our proven financial flexibility in an increasingly challenging environment. With this, we have secured AAA rating from both CARE and India Rating (a Fitch group company).”
According to Mr. V S Parthasarathy, Chief Financial Officer, Group CIO, EVP – Group M&A & Member of the Group Executive Board, Mahindra & Mahindra Ltd., “The current rating upgrade reaffirms and exemplifies the operational and financial excellence of the Group. We shall strive to guard this highest rating by working towards sustained leadership in all our businesses.”
CARE commenced operations in April 1993 and over nearly two decades, it has established itself as the second-largest credit rating agency in India. With a rating volume of debt of around Rs.56,990 bn (as on March 31, 2014), CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. CARE Ratings has also emerged as the leading agency for covering many rating segments like that for banks, sub-sovereigns and IPO gradings.
