Rating agency ICRA has revised the short term rating assigned to the Rs 3,500 crore short term debt programme of Tata Motors Finance (TMFL) from A1+ to A1.
ICRA has also assigned the rating of A1 to the enhanced short term fund based limits of Rs 785 crore and Rs 1,050 crore short term loans of TMFL, stated a release from ICRA.
This is the highest credit quality rating assigned by ICRA to short-term debt instruments. Instruments rated in this category carry the lowest credit risk in the short term. Within this category, certain instruments are assigned the rating of A1+ to reflect their relatively stronger credit quality.
TMFL is a wholly-owned subsidiary of Tata Motors (TML), which finances commercial vehicles and passenger cars manufactured by TML.