The debt issues of TFCI were rated by CARE Ratings Ltd. (CARE), Brickwork Ratings India (P) Ltd. (Brickwork) and Acuite Rating & Research Ltd. (Acuite). CARE has reaffirmed the rating of “CARE A+” for long term unsecured bonds. BWR has downgraded its rating from ‘BWR AA -’ (outlook: Negative) to ‘BWR A+’ and Acuite has also re-affirmed a rating of “Acuite AA-” (outlook: Negative). The rating rationale of all rating agencies are enclosed.
NCD: Non-Convertible Debentures