Kerala Financial Corporation bond, bank borrowings get rating upgrade

The Kerala Financial Corporation (KFC) has received a rating upgrade for its bonds and bank borrowings.

Published: 18th February 2019 04:46 AM  |   Last Updated: 18th February 2019 04:46 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: The Kerala Financial Corporation (KFC) has received a rating upgrade for its bonds and bank borrowings. Brickwork Ratings for the KFC’s non-convertible debentures (NCD) backed with government guarantee aggregating to `400 crore got upgraded from BWR A- with stable outlook to BWR A with stable outlook. Rating for bank borrowings also got upgraded from BWR A- to BWR A, signifying a stable outlook for the Corporation.

The existing NCD issues without government guarantee of `500 crore have been reaffirmed AA (SO) and the proposed NCD issue of `250 crore has been assigned AA (SO) by the RBI-accredited rating agencies Brickwork and Acuite Ratings.

The rating has factored in continued support from state government, improvement in the gross and net NPA levels, provision coverage available and healthy capital adequacy.

Stay up to date on all the latest Kerala news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp