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Mangal Credit Receives CRISIL BBB/Stable Rating; Bank Loan Limit Doubled to ₹400 Crore
CRISIL Ratings has reaffirmed its 'CRISIL BBB/Stable' rating for Mangal Credit and Fincorp Limited's debt instruments. Significantly, the rated amount for bank loan facilities has been enhanced from ₹200 crore to ₹400 crore, doubling the company's rated borrowing capacity. The rating for ₹50 crore in Non-Convertible Debentures (NCDs) was also reaffirmed. This move indicates a stable credit profile and provides the NBFC with more room to raise capital for its lending operations.
Key Highlights
CRISIL reaffirmed 'CRISIL BBB/Stable' rating for both Bank Loan Facilities and NCDs.
Total rated Bank Loan Facilities increased from ₹200 Crore to ₹400 Crore.
Non-Convertible Debentures (NCDs) rating reaffirmed for a total of ₹50 Crore.
The 'Stable' outlook indicates expected maintenance of the credit profile over the medium term.
👀 What to Watch
The enhancement in the rated bank loan limit is a positive sign for growth-oriented investors as it facilitates business expansion. Monitor the company's ability to maintain asset quality as it scales its loan book using this increased credit headroom.
