Fitch upgrades outlook on Shriram Transport from 'negative' to 'stable'

Fitch Ratings has revised the outlook on India-based Shriram Transport Finance Company Ltd's (STFC) long-term foreign- and local-currency Issuer Default Ratings (IDR) from “negative” to “stable”. It affirmed ratings at “BB”.

The rating agency affirmed “BB-” rating for Manappuram Finance's Issuer Default Ratings with “Stable” outlook. It also affirmed the long-term IDR on IIFL Finance at 'B+'. The outlook is stable and Muthoot Finance's IDRs are at 'BB'. The outlook is Stable.

About Shriram, Fitch said the revision in outlook to stable reflects the view that STFC's credit profile is likely to remain resilient, despite lingering uncertainty in the macroeconomic outlook due