Care ups M&M credit rating to AAA
Credit Analysis & Research Ltd. (CARE) has upgraded credit rating of Mahindra and Mahindra to AAA. This triple A rating is the highest CARE AAA level of rating and conferred on M&M recognizing the companyâ€™s stronghold in financial services.
This AAA rating bestowed on Mahindra & Mahindra was based on the companyâ€™s increased performance both where operational and financial performance was concerned in an otherwise challenging business scenario.
On receipt of this high rating from both CARE and India Rating â€“ a Fitch Group company, Mr. Anand Mahindra, Chairman, Mahindra Group drew attention to his companyâ€™s financial flexibility while Mr. V S Parthasarathy, Chief Financial Officer stated that the receipt of this rating puts further emphasis on the companyâ€™s financial excellence while the Group will continue in their endeavor to safeguard this rating while proceeding towards sustained leadership in M&Mâ€™s various businesses.
CARE Ratings, which came into existence in April 1993, is well established as a rating agency in India. CARE is the second largest credit rating agency in the country after CRISIL, which is the most influential credit rating agency in the country. CARE has rating volume of debt of around INR 56,990 bn as on March 31, 2014 and covers many rating segments in the country to include banks, sub sovereign and IPO gradings.