Credit rating agency, CARE has revised the rating assigned to debt instruments of IFCI upward from ‘A’ to ‘A+’ for long term bank facilities and long term debt instruments, from ‘A1’ to ‘A1+’ for short term bank facilities and Commercial Paper and from ‘A-‘ to ‘A’ for Subordinate Bonds.
This step has been taken by the rating agency based on recent developments including operational and financial performance of the company for the 9 months period ended December 31, 2014.
IFCI was established with intent to provide long-term finance needs of the industrial sector. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.
