Credit rating agency, ICRA has assigned the rating of ‘AA-’ with ‘negative’ outlook to the Rs 300 crore Non Convertible Debenture Programme (NCD) and Rs 300 crore Subordinate Debt programme of Muthoot Finance (MFL). The rating agency has also assigned the rating of ‘AA-’ and ‘A1+’ to the enhanced bank line programme of the company.
The ratings of MFL continues to factor in the company’s strong branch network of 4163 branches as on June 30, 2013 and its promoters knowledge of operating in the niche gold loan business segment, its good monitoring and internal audit systems and its comfortable capitalization levels.
Muthoot Finance is a non-deposit taking systemically important non-banking finance company (NBFC). It is primarily in the business of lending against used household gold jewellery to individuals.
