Icra revises Tata Motor Finance to A1

Rating agency ICRA has revised the short term rating assigned to the Rs 3,500 crore short term debt programme of Tata Motors Finance (TMFL) from A1+ to A1.

ICRA has also assigned the rating of A1 to the enhanced short term fund based limits of Rs 785 crore and Rs 1,050 crore short term loans of TMFL, stated a release from ICRA.

This is the highest credit quality rating assigned by ICRA to short-term debt instruments. Instruments rated in this category carry the lowest credit risk in the short term. Within this category, certain instruments are assigned the rating of A1+ to reflect their relatively stronger credit quality.

TMFL is a wholly-owned subsidiary of Tata Motors (TML), which finances commercial vehicles and passenger cars manufactured by TML.