Crisil upgrades M&M Financial Services ratings

Mahindra & Mahindra financial services informed the National Stock Exchange today about the revised credit ratings assigned to its debt and fixed deposit (FD) programmes, bank facilities and short-term debt and bank loans by Crisil.

Crisil has upgraded its ratings and revised the outlook assigned to M&M financial services' debt programmes and bank facilities from AA-/Stable to AA/Positive. And the  FD programme from FAA/Stable to FAA+/Positive. The AA rating indicates instruments offering a high degree of safety with regard to timely payment of financial obligations. Meanwhile, FAA rating indicates that the degree of safety regarding timely payment of interest and principal is strong.

The change from stable to positive in either case indicates the direction in which a rating may move over a medium-term horizon of one-to-two years.

The company's short-term debt and bank loans continue to be rated at P1+, indicating a high degree of safety regarding the timely payment on the instrument.