CRISIL Ratings has upgraded its rating on Poonawalla Fincorp Ltd (PFL)’s long-term banking facilities and non-convertible bonds to ‘AAA/Stable’ from ‘AA+/Stable.
The commercial paper rating has been reconfirmed at ‘A1+’.
The above ratings are for PFL synthetic bank lending facilities ₹ 2,000 crore, synthetic non-convertible bonds 3,000 crore and e Commercial paper ₹ 1,500 crore.
CRISIL said the ratings action was driven by PFL’s growing strategic importance to the Cyrus Poonawalla Group, whose flagship is Serum Institute of India Pvt Ltd.
“This is consistent with the group’s focus on domestic consumption as a key theme of their growth philosophy.
“Following its divestment from Poonawalla Housing Finance Ltd (PHFL), PFL will play an important role through which this strategy will be implemented in the areas of interest to the group – consumer finance and MSMEs. (micro, small and medium enterprises) through technology agency said.
Read: Poonawalla Fincorp PAT up 88% thanks to record disbursement, better asset quality
According to the business update for Q4FY23 issued by the company, AUM increased by 16% QoQ and 37% YoY to reach ₹16,120 crore as of March 31, 2023.