Credit rating agency, CRISIL has upgraded its rating on the long-term bank facilities of MFL India to ‘BB/Stable’ from ‘BB-/Stable’. Moreover, the rating agency has assigned its ‘A4+’ rating to the company’s short-term facilities.
The company has received the rating up-gradation on the back of recent modernization in the company’s fleet of vehicles and partly on account of the company adopting the asset-light model vis-a-vis the asset-heavy model adopted previously, thereby shielding it from slowing growth in freight demand amid slowing gross domestic product growth.
MFL provides transportation services to various industries such as automobile, cement, infrastructure and construction sector, and to integrated metal players.
