Care Ratings Ltd (Care) has upgraded the long-term rating of Poonawalla Fincorp Limited (PFL) and its subsidiary, Poonawalla Housing Finance Limited (PHFL) to "CARE AAA (Triple A), Stable". This rating is applicable for bank loan facilities, non-convertible debentures, market linked debentures and subordinated debt.
Mr. Adar Poonawalla, Chairman, PFL stated, "The financial services business has been identified to be of strategic importance for Cyrus Poonawalla Group. The current rating upgrade by CARE to AAA (Triple A) reaffirms the strength of the organization and its leadership along with the financial and operational excellence. This is an important milestone in our journey towards becoming a leader in financial services and is a testimony of our commitment towards building a strong institution."
Commenting on the upgrade, Mr. Abhay Bhutada, MD, PFL, said, "This upgrade reflects our relentless focus on executing our stated strategy and building a strong foundation for a long-term sustainable leadership in the industry. This upgraded rating would further strengthen our liability franchise and accelerate our growth journey in line with our vision and mission. We stay committed to be amongst the top 3 NBFCs in consumer and MSME segments through techenabled growth in a customer centric manner and create value for all stakeholders."