Mahindra & Mahindra credit rating upgraded to 'AAA'

Mahindra & Mahindra (M&M) today said its credit rating has been upgraded to the highest level 'AAA' by India Ratings & Research, the domestic arm of global ratings agency Fitch.
M&M has been assigned with a long-term issuer credit rating of 'Ind AAA' with a stable outlook.
This upgrade is the result of the company's resilience to economic cycles over the past 18 years, its strong market position, meaningful diversification activities, effective product development strategies and conservative financial policies, a company statement said here.
"This improvement in our credit rating is a reflection of Mahindra's financial prudence over the years. It also recognises our ability to manage an increasingly volatile and complex business environment," Mahindra Group Chairman Anand Mahindra said.