ICRA Upgrades MRF’s NCD programme.
The rating agency ICRA on Friday upgraded the long-term rating of the Rs 500 Crore Non-Convertible Debenture (NCD) and Rs 100 crore proposed NCD programme of MRF Limited from AA+ to AAA, which stands for stable.
The upgrade in the rating reflects the strong business profile of MRF and sustained improvement in the company’s financial performance over the years, driven by robust growth in earnings and cash flows.
Amidst heightened competition and large supply additions by key industry players, MRF’s ability to sustain the market leadership position in the Indian tyre industry buttressed by a well-balanced product mix and diversified segment mix underpins the rating.
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