Mahindra & Mahindra (M&M), a passenger, commercial and utility vehicles maker, announced that its credit rating has been upgraded to 'AAA' by CRISIL. The rating agency assigned its highest 'AAA/Stable' level of rating for the log-term bank facilities and non-convertible debenture (NCD) programme of M&M while reaffirming the rating on M&M's short-term facilities and debt programme at CRSIL A1+.

This upgrade in long-term rating reflects a healthy business profile for M&M coupled with CRISIL's belief that the company flexibility arising from the significant market value of its holdings. CRISIL also believes that the management will continue its prudent acquisition and investment policy.

Commenting on the development, Anand Mahindra, chairman, Mahindra Group said, ''This rating upgrade by CRISIL is of special significance, completing as it does the quick succession of recent upgrades by other rating agencies. For the first time in M&M's history, four rating agencies have assigned us an AAA rating at the same point in time. It is truly a rise moment for the Mahindra Group and is a key plank in the drive to achieve our 2021 brand aspiration.''

Shares of the company declined Rs 6.7, or 0.48%, to trade at Rs 1,386.95. The total volume of shares traded was 21,255 at the BSE (1.48 p.m., Monday).