Followed by the Care Ratings, India Ratings & Research has upgraded the ratings of NCD and bank loans of Muthoottu Mini Financiers' to BBB+ Stable. Stable asset quality despite Pandemic led challenges, improved profitability backed by better operational efficiency, ample liquidity, adequate capital buffers and long track record in the gold lending sector leveraged the progress. Muthoottu Mini has upgraded its ratings twice during this fiscal despite the adversities of Covid 19.
Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said; The credit rating reflects the company's ability and experience to make great strides in this challenging phase. He added that this is an inspiration to bring better services to more customers.
India Ratings and Research is a credit rating agency that provides accurate and up-to-date information on the credit market in India. Leading rating agency Care Ratings also upgraded Muthoottu Mini Financiers' credit rating from BBB Stable to BBB+ Stable recently.