Poonawalla Fincorp ratings reaffirmed, new debt assigned by CARE

CARE Ratings Limited reaffirmed long-term and short-term credit ratings for Poonawalla Fincorp's bank facilities and debt instruments. The ratings of CARE AAA; Stable were reaffirmed for long-term bank facilities of INR 26,731.30 crore (enhanced from INR 20,775.65 crore), and the rating of CARE A1+ was reaffirmed for short-term bank facilities of INR 400.00 crore (enhanced from INR 200.00 crore). Additionally, CARE AAA; Stable ratings were assigned to subordinate debt and non-convertible debentures of INR 750.00 crore and INR 8,000.00 crore, respectively. The reaffirmation reflects the expectation of continued support from the Cyrus Poonawalla Group and the company's ability to raise funds at competitive rates.