ICRA upgrades credit ratings of Indiabulls Housing Finance
Indiabulls Housing Finance said rating agency ICRA has upgraded the rating on its long-term debt instruments and bank facilities to AAA, from AA+, with a stable outlook. The company feels it will gain as cost of borrowings will come down due to this rating upgrade and align with those of established AAA rated corporates. "This is to inform you that the rating committee of the rating agency ICRA, a Moody's Investor Services Company, has upgraded the long-term rating of Indiabulls Housing Finance Limited (IBHFL) to '[ICRA] AAA', from its earlier assigned rating of '[ICRA] AA+'," the company said in a BSE filing. "The Outlook on the long-term rating is Stable," it added. Indiabulls Housing Finance is only the second independent non-bank company in India to enjoy this rating, according to the firm. Instruments with 'AAA' rating are considered to have the highest degree of safety regarding timely servicing of financial obligations and carry lowest credit risk. Indiabulls Housing Finance reported a 24% increase in net profit to Rs 840 crore in the March quarter, from Rs 676 crore a year ago.
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