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.