Edelweiss Financial Services Limited (“EFSL”), announced that ICRA, one of India’s leading credit rating agencies, has re-affirmed the Credit Rating of ‘[ICRA]A+’ to the Retail NCD Programme of the Company and has upgraded the outlook from Negative to Stable. The upgrade in the outlook reflects the Group’s stable financial performance and sustained debt reduction coupled with the strong fundamentals and improved outlook for the business.
As reported by ICRA, the reaffirmation of the rating takes into account the Group’s established position in the financial services industry, its long-standing experience in the capital market related business, its diversified business profile with a presence in the asset reconstruction, asset management segment, and a healthy stream of fee and advisory income. ICRA has revised the outlook on the long-term rating to stable on back of sustained reduction in debt level, improving financial performance in key segments, adequate capitalisation, and improvement in outlook for the real estate sector.
The Company reported a steady performance in FY22, with resilient businesses having a healthy stream of fee and advisory income and continued scaling up of Customer assets. The Company draws further strength from a comfortable liquidity position and deleveraged balance sheet.