Ind-Ra assigns ‘AAA/Stable' rating to M -; M Financials' Fixed Deposit Program worth Rs12,000 crore; stock adds ~1%

17 Jun 2022 , 09:53 AM

Mahindra & Mahindra Financial Services Limited informed that India Ratings and Research Pvt. Ltd., A Fitch Group Company, has assigned “IND AAA/ Stable” rating for the Company’s Fixed deposit programme effective from June 16, 2022.

Instruments with this rating are considered highly secure regarding timely servicing of financial obligations.

Ind-Ra has also re-affirmed its rating for bank loans Sub-ordinated Debt, Principle protected market linked debentures, and Commercial paper.
It has reaffirmed the Long-Term Issuer Rating of Bank loans worth Rs28,642.70 crore, Non-convertible debentures (NCDs) worth Rs31,000 crore, and Subordinated debt worth Rs4,450 crore, at ‘Ind AAA/Stable’.

Rating of Commercial Papers worth Rs8,500 crore of the company has been reaffirmed at ‘Ind A1+’. Principal protected market linked debentures (PP-MLD) worth Rs1,500 crore are rated as ‘IND PP-MLD AAAemr/Stable’.

Mahindra & Mahindra Financial is currently trading at Rs172.35 up by Rs0.85 or 0.5% from its previous closing of Rs171.50 on the BSE. The scrip opened at Rs170 and has touched intraday high and low of Rs173.65 and Rs169.25 respectively.