The debt issues of TFCI were rated by CARE Ratings Ltd. (CARE), Brickwork Ratings India (P) Ltd. (BWR) and Acuite Rating & Research Ltd. (erstwhile SMERA Ratings Ltd.). CARE has reaffirmed the rating of “CARE A+” for long term unsecured bonds and assigned rating of A1+ for Commercial Papers. BWR has reaffirmed its rating of ‘BWR AA -’ (outlook: Stable) and Acuite has also re-affirmed a rating of “Acuite AA-” (outlook: Stable). The rating rationale of all rating agencies are enclosed.
NCD: Non-Convertible Debentures