India Ratings and Research (Ind-Ra) has affirmed Mahindra Holidays & Resorts India (MHRIL) long-term issuer rating at 'A'. The outlook is stable.

While affirming the ratings, Ind-Ra took a consolidated view of MHRIL, its subsidiaries, and Holiday Club Resorts (HCR, Finland). 

MHRIL completed the acquisition of HCR in FY16. The acquisition was funded through borrowings in overseas subsidiaries. MHRIL has provided corporate guarantees for the acquisition-related loans.

Shares of the company declined Rs 0.4, or 0.1%, to settle at  Rs 409.00.  The total volume of shares traded  was  5,212 at the BSE (Wednesday).