Credit rating agency, CARE has revised the rating for the Long Term Secured Bonds and Bank Facilities of Magma Fincorp from ‘AA’ to ‘AA-‘. The ratings for Long Term Preference Shares have been revised from ‘AA-‘ to ‘A+’. The ratings for all other instruments remain same.
As per the rating agency, the revision in the ratings of Magma Fincorp takes into account the continued stress in asset quality in FY15 and moderate profitability.
Further, the company has obtained the ratings from ICRA on Long Term Secured Bonds. The rating agency has assigned ‘AA-‘ rating with a positive outlook which reflects the changes underway in the company.
