Moody’s withdraws M&M rating, ICRA reaffirms its rating

Mumbai, May 22 (IANS) Global credit rating agency Moody's Investors Service on Monday said it has withdrawn the 'Baa3' rating of automobile major Mahindra & Mahindra Ltd.

On its part, Mahindra & Mahindra in a regulatory filing with BSE said Moody's has withdrawn the rating following its request.

In a statement issued here, Moody's said it has withdrawn Mahindra & Mahindra Ltd's Baa3 issuer rating and a stable outlook.

"Moody's has withdrawn the rating for its own business reasons," the statement said without further elaboration.

Meanwhile, Mahindra & Mahindra said Indian rating agency ICRA has re-affirmed ICRA AAA rating assigned to the company's Rs 500 crore non-convertible debenture programme.

ICRA also reaffirmed its AAA rating for the Rs 88 crore, long-term, fund-based facilities, and the Rs 81 crore, long-term, non-fund-based facilities of Mahindra & Mahindra.

ICRA has also re-affirmed the A1+ rating assigned to the Rs 132 crore, short-term, non-fund based facilities of Mahindra & Mahindra.

The rating agency has also reaffirmed AAA/A1+ ratings assigned to the Rs 99 crore, long-term/short-term, fund-based/non-fund based facilities of the automobile company.

The outlook on the long-term rating is "stable", as per ICRA rating.