Credit rating agency, ICRA has assigned ‘A1+’ rating with a stable outlook to the Rs 35,000 crore short term debt programme (enhanced from Rs 25,000 crore) of Housing Development Finance Corporation (HDFC). The rating agency also has a issuer rating of ‘AAA’ outstanding on Non-Convertible Debentures (NCDs) of Rs 1,13,365 crore and Subordinated Debt Programmes of Rs 7000 crore of the company. Further, ICRA has ratings of ‘MAAA’ outstanding on the fixed deposit programme and issuer rating of ‘IrAAA’ on the company.
The ratings factor in HDFC’s strong franchise with demonstrated ability to grow in a competitive mortgage finance market, consistent profitable operations on the back of strong interest margins and supported by low provisions on account of sound asset quality and robust solvency indicators.
HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.
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