Credit rating agency, Brickwork Ratings India has revised the rating for the Non Convertible Debentures (NCDs) of Manappuram Finance from ‘AA-‘ with Stable outlook to ‘A+’ with Negative outlook. The instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.
Manappuram Finance is a non-deposit taking NBFC and is mainly engaged in providing retail advances against bullion asset collaterals, in the form of household used jewellery. The company is having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh and had 2,908 branches across India at the end of FY'12.
