Mumbai, October 03, 2022: 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 tech-enabled growth in a customer centric manner and create value for all stakeholders”
Poonawalla Fincorp Limited
September 30, 2022
| Facilities/Instruments |
Amount (₹ crore) |
Rating1 |
Rating Action |
|
Long-term bank facilities |
12,655.65
(Enhanced from 9,655.65) |
CARE AAA; Stable (Triple A; Outlook: Stable) |
Revised from CARE AA+; Stable (Double A Plus; Outlook: Stable) |
|
Long-term / Short-term bank facilities |
344.35 |
CARE AAA; Stable / CARE A1+
(Triple A; Outlook: Stable/ A One Plus) |
Revised from CARE AA+; Stable / CARE A1+
(Double A Plus; Outlook: Stable / A One Plus) |
| Short-term bank facilities |
200.00 |
CARE A1+
(A One Plus) |
Reaffirmed |
|
Total bank facilities |
13,200.00
(₹ Thirteen thousand two hundred crores
only) |
|
|
| Perpetual debt |
79.10 |
CARE AA+; Stable (Double A Plus; Outlook: Stable) |
Revised from CARE AA; Stable (Double A; Outlook: Stable) |
| Subordinate debt |
230.00 |
CARE AAA; Stable (Triple A; Outlook: Stable) |
Revised from CARE AA+; Stable (Double A Plus; Outlook: Stable) |
|
Market-linked debentures-proposed |
250.00 |
CARE PP-MLD AAA; Stable
(Principal Protected-Market-linked debentures Triple A; Outlook: Stable) |
Revised from CARE PP-MLD AA+; Stable (Principal Protected-Market Linked Debentures Double A Plus; Outlook:
Stable) |
| Non-convertible debentures |
189.88 |
CARE AAA; Stable (Triple A; Outlook: Stable) |
Revised from CARE AA+; Stable (Double A Plus; Outlook: Stable) |
| Proposed Non-convertible debentures |
4,251.02
(Enhanced from 2459.50) |
CARE AAA; Stable (Triple A; Outlook: Stable) |
Revised from CARE AA+; Stable (Double A Plus; Outlook: Stable) |
| Total long-term instruments |
5,000.00
(₹ Five thousand crore only) |
|
|
|
Commercial paper |
3,000.00
(Enhanced from 1,000.00) |
CARE A1+
(A One Plus) |
Reaffirmed |
| Total short-term instruments |
3,000.00
(₹ Three thousand crore only) |
|
|
