M&M (Mahindra & Mahindra) sees its Credit Rating updated to AAA, the highest level by India Ratings & Research, international ratings agency, Fitch’s domestic arm. The firm was assigned a Long Term Issuer rating of Ind AAA with a stable outlook to M&M. This is a result of Mahindra’s resilience to economic cycles in the past 18 years. The rating also takes into account the automaker’s strong market position, conservative financial policies, effective product development strategies and meaningful diversification activities.
Commenting on the development, Mr. Anand Mahindra, Chairman at Mahindra Group said: “This enhancement in our credit rating is a reflection of the company’s financial prudence over the years.” “It also recognizes our capability to manage an increasingly volatile and complex business environment.”
According to Mr. V.S. Parthasarathy, Chief Financial Officer. Group CIO, Executive Vice President – Group M&A & Member of the Group Executive Board, Mahindra & Mahindra Limited said: “The Ind AAA rating proves that the company has remained stable in spite of adversities by concentrating on the highest standards of government and prudent business and financial metrics to ensure zero trauma. In the context of fears over the credit quality of banks’ corporate loan book, the rating assumes significance as an independent reassurance of the Mahindra Group’s robust and conservative financial policies. Even as we celebrate this occasion, we are aware of our responsibility of protecting this rating in times to come.”
