The debt issues of TFCI were earlier rated by CARE Ratings Ltd. (CARE) and Brickwork Ratings India (P) Ltd. (BWR). CARE has reaffirmed the rating of “CARE A+” for long term unsecured bonds. A fresh rating was taken from Brickwork Ratings India (P) Ltd. (BWR) and SMERA. BWR has reaffirmed its rating of ‘BWR AA’ (outlook: Stable) and SMERA has assigned a rating of “SMERA AA”. The rating rationale is enclosed.
Brickwork: Brickwork Ratings India Pvt. Ltd.
SMERA: SMERA Ratings Ltd.
NCD: Non-Convertible Debentures