Credit rating agency, ICRA has assigned ‘AA-’ rating with ‘Positive’ outlook to the Rs 350 crore Non Convertible Debentures (NCD) programme of Magma Fincorp (MFL). Positive outlook on rating reflects bolstered capital position of the company as well as management’s plan to maintain higher level of capital. Significant and sustainable improvement in Magma’s asset quality and profitability cushion could move the rating up.
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.
