Moody s withdraws M&M rating, ICRA reaffirms its rating

Mumbai May 22 (IANS) Global credit rating agency Moody s Investors Service on Monday said it has withdrawn the Baa3 rating of automobile major Mahindra & Mahindra Ltd.

On its part Mahindra & Mahindra in a regulatory filing with BSE said Moody s has withdrawn the rating following its request.

In a statement issued here Moody s said it has withdrawn Mahindra & Mahindra Ltd s Baa3 issuer rating and a stable outlook.

Moody s has withdrawn the rating for its own business reasons the statement said without further elaboration.

Meanwhile Mahindra & Mahindra said Indian rating agency ICRA has re-affirmed ICRA AAA rating assigned to the company s Rs 500 crore non-convertible debenture programme.

ICRA also reaffirmed its AAA rating for the Rs 88 crore long-term fund-based facilities and the Rs 81 crore long-term non-fund-based facilities of Mahindra & Mahindra.

ICRA has also re-affirmed the A1+ rating assigned to the Rs 132 crore short-term non-fund based facilities of Mahindra & Mahindra.

The rating agency has also reaffirmed AAA/A1+ ratings assigned to the Rs 99 crore long-term/short-term fund-based/non-fund based facilities of the automobile company.

The outlook on the long-term rating is stable as per ICRA rating.

--IANS
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