Credit rating agency, CARE has reaffirmed ‘AA’ rating to Magma Fincorp’s long term bank facilities worth Rs 8,581.81 crore. The rating agency has also reaffirmed ‘A1+’ rating to the company’s short term bank facilities.
The ratings continue to draw strength from the long track record of the company, experienced management team, wide branch network, increasing scale of operation and diversified asset portfolio with increasing share of high yield products over the years.
Magma Fincorp is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an asset finance company. The company, having started operations over two decades back, is listed on the Bombay Stock Exchange and the National Stock Exchange in India.
