Rating agency CRISIL, which evaluates the performance of financial institutions on various parameters intermittently,has reaffirmed the highest M1C1 grading for Muthoot Microfin Ltd for the fourth consecutive year. As part of CRISIL's Comprehensive Microfinance Grading, M1C1 is the highest grading awarded to a microfinance institution in Capacity Assessment (M1) and Code of Conduct Assessment (C1).
CRISIL's Comprehensive Microfinance Grading of M1C1 signifies the highest capacity of Muthoot Microfin to manage operations in a sustainable manner while continuing to perform well on Code of Conduct dimensions.The Code of Conduct Assessment evaluated the microfinance institution on the basis of adherence to various code of conductsenshrined by regulatory bodies. The yearly grading is assigned on an eight-point scale.
Speaking about the feat, Muthoot Microfin CEO Sadaf Sayeed said, "It is a matter of pride for us that this is the fourth consecutive year of highest grading by CRISIL, accorded for our sustainable operations and approach toward Code of Conduct. This is a proof that we are on right trajectory toward sustainability. We have made it possible through long-term thinking and prompt execution."
CRISIL has also reaffirmed the Long-Term Rating of A/Stable for the debt instruments of the company.