Piramal Finance Limited has informed the Exchange about assignment of credit rating by CRISIL Ratings Limited - 'CRISIL AA+ / Stable' to Bank loan facilities and Non-convertible debentures and reaffirmation of ratings assigned to Commercial papers.
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CRISIL Ratings has assigned a long-term rating of 'CRISIL AA+/Stable' to Piramal Finance's proposed bank loan facilities of Rs. 24,000 Crore. The same rating was also assigned to Rs. 24,000 Crore of Non-Convertible Debentures being issued by the company. Additionally, CRISIL reaffirmed its 'CRISIL A1+' rating on the company's Rs. 12,000 Crore Commercial Paper programme. The rating action reflects the company's strong business, financial, and risk profile as an Upper Layer NBFC. The bank loan and NCD ratings are valid for 180 days from the letter date.
Positive for shareholders — securing a high investment-grade AA+ rating on a large Rs. 48,000 Crore combined borrowing programme and reaffirming the top-tier A1+ on commercial paper signals strong creditworthiness, which should help the company raise funds at competitive rates.