CARE Ratings has upgraded its rating on Srei Equipment Finance Ltd's (SEFL) long-term facilities to 'CARE AA' with stable outlook from 'CARE AA-' with positive outlook.
The upgrade factors in the overall improvement in the financial risk profile of SEFL, marked by "significant growth in disbursements in the fiscal 2017-18, improvement in profitability, collection efficiency and asset quality indicators," the company said in a release.
The rating upgrade also takes into consideration "continuous reduction" in net non-performing assets, it said.
"This upgrade is a result of strong business fundamentals and will help us in diversification of resource base and reduce cost of funds," said Devendra Kumar Vyas, CEO of Srei Equipment Finance.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)