CRISIL Upgrades IIFL Finance’s Outlook to ‘Positive’ from ‘Stable’

livemint.com:

IIFL Finance Limited, which is one of India’s largest non-banking financial companies, today said that leading rating agency CRISIL has upward revised its outlook to ‘Positive’ from ‘Stable’. The agency has also reaffirmed the long-term rating at ‘CRISIL AA’ and short-term rating at ‘CRISIL A1+’. In the rating rationale released by CRISIL Ratings said, “The outlook revision reflects the strengthening market position of IIFL Finance group and the expected sustained improvement in its profitability.

The ratings continue to be supported by the group’s comfortable capitalization with improved gearing, and its diversified portfolio with majority contribution from inherently less risky asset classes." The positive outlook revisions have also been made for IIFL Home Finance Limited and IIFL Samasta Finance Limited, both material subsidiaries of IIFL Finance Limited. Further, they have also reaffirmed the long-term rating at ‘CRISIL AA’ and short-term rating at ‘CRISIL A1+’ for IIFL Home Finance Limited and long-term rating at ‘CRISIL AA-’ and short-term rating at ‘CRISIL A1+’ for IIFL Samasta Finance Limited.