Homegrown automaker Mahindra andamp; Mahindra (Mandamp;M) has a reason to be happy. Rating agency, Crisil, has updated Mandamp;M's credit rating to AAA/Stable from AA+. This credit rating has been assigned to the long-term bank facilities and Non-Convertible Debenture (NCD) programme by the rating agency. The agency has also reaffirmed the rating on Mandamp;M's short-term facilities and debt programme at Crisil A1+.
Commenting on the development, Anand Mahindra, Chairman, Mahindra Group, said, "This rating upgrade by Crisil is of special significance, completing as it does the quick succession of recent upgrades by other rating agencies. For the first time in Mandamp;M's history, four rating agencies have assigned us an AAA rating at the same point in time. It is truly a Rise moment for the Mahindra Group and is a key plank in the drive to achieve our 2021 brand aspiration."
The upgrade in the rating is in accordance with Mandamp;M's market share, capability of developing new products and constantly improving revenue diversity in the auto and farm equipment businesses. This upgrade in long-term ratings reflects Mandamp;M's healthy business profile coupled with Crisil's belief that the company will maintain a strong financial risk profile, backed by positive free cash flows and flexible financial arising from the significant market value of its holdings.
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