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Mahindra & Mahindra Financial Services Ltd. announced reaffirmations of its credit ratings received from CRISIL Ratings Limited, CARE Ratings Limited, and India Ratings & Research Private Limited, as detailed in a regulatory filing. CRISIL Ratings Limited reaffirmed Commercial Paper at INR 20,000 Crore with a CRISIL A1+ rating, Non-Convertible Debentures at INR 30,980 Crore with a CRISIL AAA/ Stable rating, and Subordinated Debt at INR 6,000.50 Crore with a CRISIL AAA/ Stable rating; CARE Ratings Limited reaffirmed Long Term / Short Term Bank facilities at INR 50,000 Crore with a CARE AAA; Stable / CARE A1+ rating, Secured non-convertible debenture (NCD Privately Placed) at INR 11,686.50 Crore with a CARE AAA; Stable rating, Unsecured non-convertible debenture (NCD privately placed) at INR 1,000 Crore with a CARE AAA; Stable rating, Subordinated debt (privately placed) at INR 2,385 Crore with a CARE AAA; Stable rating, and a Long-term debt programme at INR 4,059.03 Crore with a CARE AAA; Stable rating; India Ratings & Research Private Limited reaffirmed Non-convertible Debentures at INR 490 bn with an ‘IND AAA’/ Outlook Stable rating, Retail Non-convertible Debentures at INR 80 bn with an ‘IND AAA’/ Outlook Stable rating, Private Sub Debt at INR 104.5 bn with an ‘IND AAA’/ Outlook Stable rating, Principal protected Market Linked Debentures at INR 15 bn with IND PP -MLD AAA/Stable rating, Retail Subordinate Debt at INR 30 bn with an ‘IND AAA’/ Outlook Stable rating, Commercial Paper at INR 200,000 mn with IND A1+, and Bank Loans at INR 800,000 mn with ‘IND AAA/Stable/IND A1+’ and Fixed Deposits at INR 200,000 mn with ‘IND AAA/Stable’ ratings, with no enhancements, assignments, or withdrawals noted.
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