PR Newswire | 29 May, 2014
MUMBAI, India: Mahindra & Mahindra (M&M) recently received a Credit Rating upgrade to AAA, the highest level by India Ratings & Research, the domestic arm of global ratings agency, Fitch. The firm assigned a Long Term Issuer rating of 'Ind AAA' with a stable outlook to M&M.
This upgrade is the result of the company's resilience to economic cycles over the past 18 years, its strong market position, meaningful diversification activities, effective product development strategies, and conservative financial policies.
Commenting on the development, Mr. Anand Mahindra, Chairman, Mahindra Group, said, "This improvement in our credit rating is a reflection of Mahindra's financial prudence over the years. It also recognises our ability to manage an increasingly volatile and complex business environment."
According to Mr V S Parthasarathy, Chief Financial Officer, Group CIO, EVP - Group M&A & Member of the Group Executive Board, Mahindra & Mahindra Ltd., "The Ind AAA rating proves that M&M has remained stable despite adversities by focusing on the highest standards of governance and prudent business and financial metrics to ensure zero trauma. In the context of fears over the credit quality of banks' corporate loan book, the rating assumes significance as an independent reassurance of the Mahindra Group's conservative and robust financial policies. Even as we celebrate this occasion, we are aware of our responsibility of protecting this rating in times to come."
The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 16.7 billion multinational group based in Mumbai, India, Mahindra employs more than 180,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.
In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. In 2013, the Mahindra Group received the Financial Times 'Boldness in Business' Award in the 'Emerging Markets' category.
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