ICRA upgrades Religare Finvest's debt programmes

Religare Finvest, a leading NBFC, today said that ratings agency ICRA has upgraded its long-term debt and bank loan programmes.

It said that the rated amount for the long-term debt and bank loan programmes has been enhanced to Rs 2,000 crore each (from Rs 1,000 crore each).

ICRA has upgraded Religare's long-term debt programme and long-term bank loan programme from LA+ to LAA- with a stable outlook.

The LAA grade signifies high credit quality rating and the rated instrument carries low credit risk. LA, on the other hand, signifies adequate credit quality and the rated instrument carries average credit risk.

"The rating committee of ICRA, after due consideration of the latest developments within the company, upgraded the rating on the long-term programmes to LAA- (pronounced as L double A minus)," Religare said in a statement.

It added that ICRA has also assigned an A1+ (pronounced as A one plus) rating to the enhanced Rs 6,000 crore (enhanced from Rs 5,000 crore) short-term debt programme of Religare Finvest.

Commenting on the rating, Religare Finvest CEO Kavi Arora said, "This rating upgrade reiterates our stand in the industry, it gives us an opportunity to raise around 10,000 crore from the market."