MOTILAL OSWAL FINANCIAL SERVICES LTD. - 532892 - ICRA Rating Upgraded To 'AA-/Stable' From A+/Stable Of Motilal Oswal Home Finance Limited, A Material Subsidiary Of The Company
We are pleased to inform the Exchange that ICRA Limited ('ICRA') has upgraded the credit rating on long term debt instruments of Motilal Oswal Home Finance Limited ('MOHFL') , a material subsidiary of the company to 'ICRA AA-/Stable' from 'ICRA A+/Stable'. Further, ICRA has also reaffirmed the Credit Rating of 'ICRA AA/Stable' on long term debt instruments of the Company. The ratings takes into account MOHFL's healthy capitalisation profile and the improvement in its profitability. Further, MOHFL has been able to diversify its liabilities profile (with the addition of new lenders and instruments) and reduce the average cost of funds. The revision of the rating also factors in the healthy performance of the core operations of the Motilal Oswal Group, with a record performance in FY2021. The credit rating upgraded by ICRA of MOHFL to 'AA-/Stable' is effected in the attached letter. Kindly take the same on record.09-08-2021