Poonawalla Fincorp Ltd. (PFL) stated that CRISIL Ratings Ltd. has upgraded the rating of its long-term debt devices and financial institution amenities to “CRISIL AAA (triple A)/ Stable”.
“The rating action is driven by the increased strategic importance of PFL to Cyrus Poonawalla Group, whose flagship company is Serum Institute of India Private Ltd,.” the corporate stated in a press release.
“Post the divestment of Poonawalla Housing Finance Ltd. (PHFL), PFL will play a key role through which this strategy will be implemented in the areas of interest of the group i.e., consumer and MSME (micro, small and medium enterprises) financing through tech driven lending, the statement added.
Abhay Bhutada, Managing Director, PFL, said, “The rating upgrade testaments our business model and relentless focus on executing the stated strategy to build a strong foundation for a long-term sustainable leadership position in the industry.”
“The upgrade would help further strengthen our liability franchise, optimize borrowing cost, and accelerate our growth journey,” he stated.
