Dvara KGFS receives rating upgrade from ICRA

: Dvara KGFS, a non-banking finance company of the Dvara Group, Wednesday said credit rating agency ICRA has upgraded the long-term rating of the company from BBB- to BBB.

"The outlook on the rating is set at stable. The rating upgrade reinforces the strength of Dvara KGFS operations and signifies its strong position in meeting its financial obligations," a company statement said here.

The rating upgrade was for both the line of credit and subordinated debenture programme of Dvara KGFS, it said.

The rating upgrades follows the recent equity infusion of Rs 97 crore in April 2019 which allowed the company to expand presence in newer geographies.

"This upgrade by ICRA is an endorsement to the credibility that the company has earned based on its performance in the past many years," the company CEO Joby C O said.

"This rating upgrade is hugely positive in the current market and an acknowledgement to the management's clear intent and focus on performance," he said.