Care Ratings upgrades Hinduja Leyland Finance's long-term debt to AA

HLF is undergoing a reverse merger, which will help it get listed soon. The company also mobilised Rs 910 crore fresh capital from QIBs in October 2022, and improved its capital adequacy

Hinduja Leyland Finance (HLF), a non-banking financier and subsidiary of commercial vehicle maker Ashok Leyland, announced on Monday that its credit ratings have been revised by CARE Ratings.

The agency upgraded HLF's long-term rating to “CARE AA (Double A), Stable.” This rating embraces long-term bank loans, non-convertible debentures, market-linked debentures and subordinated debt.

The rating action factors in HLF's experienced management team, improved capitalisation levels and the firm's demonstrated ability to raise funds to support business growth, the company said in a statement. CARE also considered the firm's diversified product profile, geographically-diversified loan portfolio, and relatively diversified funding profile, the