Mahindra & Mahindra Financial Services receives ratings action from India Ratings & Research

Mahindra & Mahindra Financial Services has received credit ratings from India Ratings & Research as under:

1 Non-convertible Debentures (Rs 39000 crore) - IND AAA'/ Outlook Stable
2 Retail Non-convertible Debentures (Rs 10000 crore) - IND AAA'/ Outlook Stable (The rated limit is interchangeable with retail subordinated debt)
3 Private Sub Debt (Rs 3450 crore) - IND AAA'/ Outlook Stable
4 Principal Protected Market Linked Debenture (Rs 1500 crore) - IND PP-MLD AAA/Stable
5 Retail Subordinate Debt (Rs 3000 crore) - IND AAA'/ Outlook Stable
6 Commercial Paper (Rs 15000 crore) - IND A1+

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