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ICRA upgrades ratings assigned to Cholamandalam Investment's bank loan facilities

Credit rating agency, ICRA has upgraded rating assigned to Cholamandalam Investment and Finance Company's term loan worth Rs 10,213.66 crore to 'AA+' from 'AA-' and upgraded rating of NCDs worth Rs 12,968.20 crore to 'AA+' from 'AA-'.

The rating agency has also upgraded rating assigned to the company's perpetual debt worth Rs 1,330 crore to 'AA' from 'AA-' and has reaffirmed the rating of the Commercial Paper worth Rs 6,000 to 'A1+'.

Cholamandalam Investment and Finance Company is among the top 5 NBFC's in the country operating in vehicle finance, home equity, corporate and mortgage finance segments with subsidiaries in the broking and wealth advisory space.

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