Hinduja Leyland Finance gets 'AA' from CARE Ratings

Hinduja Leyland Finance, a non-banking financial entity and a subsidiary of heavy commercial vehicles-maker Ashok Leyland, on Monday announced the revision in ratings by CARE Ratings.

CARE has upgraded the long-term rating of the company to 'AA' (double A).

''This rating applies to long-term bank loan facilities, non-convertible debentures, market-linked debentures and subordinated debt,'' said a statement here from Hinduja Leyland.

The upgrade was based on rise in the scale of operation alone with improvement in asset quality and profitability parameters.

''The current rating upgrade by AA (Double A) signifies our ability to navigate the business through challenging times based on a deep understanding of the asset classes we have presence in,'' said MD and CEO of the firm Sachin Pillai.

Hinduja Leyland Finance is going through a reverse merger process resulting in the company getting listed soon. It has mobilised Rs 910 crore of fresh capital from Qualified Institutional Buyers in October 2022, resulting in an improvement in the capital adequacy ratio, said the statement.

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