India Ratings upgrades Muthoottu Mini Financiers debts instruments Ratings
The upgraded ratings reinforce the stable asset quality of Muthoottu Mini Financiers despite pandemic-induced challenges.
FollowIndia Ratings and Research on Wednesday upgraded the ratings of non-convertible debentures and bank loans of Muthoottu Mini Financiers to BBB+ Stable.
The upgraded ratings reinforce the stable asset quality of Muthoottu Mini Financiers despite pandemic-induced challenges.
Besides, they also point towards improved profitability backed by better operational efficiency, adequate capital buffers and ample liquidity.
According to Muthoottu Mini Financiers Managing Director Mathew Muthoottu, the credit rating reflects the firm's experience and expertise in making great strides during this challenging phase.
He further said that this was an inspiration to bring better services to more customers.
Muthoottu Mini Financiers, which is an RBI registered non-deposit taking systemically important NBFC in the loan against gold financing sector, has seen its ratings being upgraded twice during this fiscal despite the adversities of the pandemic.
Another leading rating agency, Care Ratings, had also recently upgraded Muthoottu Mini Financiers credit rating from BBB Stable to BBB+ stable.
Muthoottu Mini Financiers has a network of 807 branches across 10 states and the Union Territory of Puducherry.
Image: Mathew Muthoottu, Managing Director, announces the opening of the 15th NCD public issue of MMFL. Also present were Ann Mary George (CFO) Nizzy Mathew (Chairperson) PE Mathai (CEO), Kiran James (Head Marketing), and KS Smitha (Company Secretary).
