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P1+ rating for Muthoot Finance

KOCHI: CRISIL, credit rating agency, has assigned P1+ rating to Rs.400 crore of Short Term Debt Instruments of Muthoot Finance Limited., says a press release.

P1+ rating indicates ‘very strong’ safety regarding timely payment of interest and principal. It is the highest rating assigned by CRISIL for short-term debt instruments. The rating was granted taking into consideration the company’s established track record in financing against gold jewellery, its strong and stable asset quality, healthy earnings profile and comfortable liquidity and asset-liability management position. Earlier, the company had secured A1+ rating to Rs.200 crore of short debt instruments from ICRA Limited. This enabled the company to get investments in the above short-term debt instrument from mutual funds at attractive rates of interest. The company expects to attract more such investments through the fresh rating assigned by CRISIL. Muthoot Finance Limited is the flagship company of the Muthoot Group. — Special Correspondent

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