Motherson Sumi Systems gets AAA rating from Ind-Ra

Auto component maker Motherson Sumi Systems Ltd (MSSL) today said it has received the highest long-term rating, AAA with stable outlook from India Ratings and Research (Ind-Ra).

Among other things, the rating factors include the company's long-standing and deep relationships with key Original Equipment Manufacturers (OEMs) globally, MSSL said in a statement.

Out of the top 21 OEMs, the company has more than 20 years of relationship with 17 OEMs, it added.

The company's strategy to not have any component, customer or country contributing more than 15 per cent to the business has ensured risk mitigation and steady growth, MSSL said.

Commenting on the ratings, Samvardhana Motherson Group Chairman Vivek Chaand Sehgal said the company has created value for all stakeholders, internal and external through the strategies it has have followed.

"We are proud and delighted with the ratings announcement," he added.

MSSL's strong track record of revenue growth and profits, ability to turnaround acquisitions, global manufacturing footprint, good liquidity across the consolidated profile were among some of the key factors for receiving the rating, the statement said.