ICRA Rating announced the upgradation of India Infoline's (IIFL) long term debt instruments of their group companies. These ratings upgrade have come post the due consideration by the ratings committee of ICRA and the ratings have been upgraded from earlier 'AA-' with stable outlook to now 'AA' with stable outlook.
 
The long term debt instruments programme from ICRA constitutes to Rs 68.15 billion of all IIFL group companies.
 
IIFL group thus becomes one of the few companies in the diversified financial services space with these upgraded ratings.
 
Commenting on these ratings upgrade by ICRA, Amit Mehendale, CFO, IIFL, said, ''This upgrade is a recognition of our strong overall performance over the years and is a result of our commitment towards our investors and the trust we have earned over the years.''
 
In its rationale for the upgrade, ICRA stated, ''The rating upgrade follows the improvement in the operating environment in the last few months and strong signs of increase in retail participation in the equity markets which is expected to augur well for the large players like the IIFL group with strong presence in the capital markets. The improvement in operating environment, which is expected to be sustained, is likely to support the financial performance of the IIFL group. The ratings of the group are also supported by the steady improvement in the non capital market businesses with improved seasoning of these businesses amidst stable asset quality indicators with tighter credit underwritings, adequate profitability and capitalization indicators.''