Wednesday, 11 June 2014

CARE assigns rating to CIFCL’s Proposed Sub-Ordinated Debt Issue

Credit Analysis & Research (CARE) has assigned AA rating to Cholamandalam Investment and Finance Company’s Proposed Sub-Ordinated Debt Issue worth Rs 350.00 crore. The rating assigned to the proposed sub-ordinated debt issue of Cholamandalam Investment and Finance Company (CIFCL) factors in the established track record of CIFCL in commercial vehicle financing, the strong parentage of the Murugappa group, adequate capitalization, good asset quality and comfortable liquidity profile.
Cholamandalam Investment 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. It is emerging as a high growth company in the retail lending space with a branch network of over 220.

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