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Satin Creditcare Network Limited received an upgraded credit rating from A-(Stable) to A (Stable) from ICRA for its long-term bank facilities, sub-debt, and NCDs. The company attributed the enhancement to performance and capitalisation, driven by improvement in recent quarters and a capital raise.
This upgrade follows a recent capital infusion of Rs 250 crore through qualified institutional placement (QIP).
HP Singh, CMD of Satin Creditcare Network Limited, said, “This reassures us of the growing scale and diversity of our business, the quality of our cash flows and strong balance sheet. This upgrade will contribute to a reduced cost of funds for SCNL, aligning with the company’s commitment to serve its borrowers and further the cause of financial inclusion in rural hinterlands. Simultaneously, it is poised to elevate confidence levels among all our stakeholders.”
The shares were up by 0.95 per cent to Rs 244.65 at 11.38 am on the BSE.
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