ICRA has upgraded long term debt rating of Muthoot Finance from 'AA-' to 'AA which indicates positive change in comparative standing within 'AA' rated category. Long term debt rating covers debt instruments of above one year. Short term debt rating covers debt instruments of upto one year.
Under ICRA rating scale, AA rating carries a meaning that Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. ICRA may apply '+' (plus) or '-' (minus) sign to this rating to indicate their relative position within the category.
Muthoot Finance is the largest gold financing company in India in terms of loan portfolio. The company is a Systemically Important Non-deposit taking NBFC. In addition to financing gold transactions, the company offers foreign exchange services, money transfers, wealth management services, travel and tourism services, and sells gold coins