Muthoot Finance said that credit rating agency ICRA has upgraded long term debt rating of the company by one point from AA- to AA.
The revision in the long-term rating factor of Muthoot Finance is because of their initiative to improve their credit risk profile by regular interest collection which will thereby offset the risks on account of gold volatility to an extent, said ICRA.
George Alexander Muthoot , MD of Muthoot Finance said, “We hope this upgrade will enable us to get finer rates from financial institutions and banks enabling us to reduce our cost of borrowing.”