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India Ratings upgrades Muthoottu Mini Financiers debts instruments Ratings

Kochi: Followed by the Care Ratings, India Ratings & Research has upgraded the ratings of NCD and bank loans of Muthoottu Mini Financiers' to BBB+ Stable. Stable asset quality despite Pandemic led challenges, improved profitability backed by better operational efficiency, ample liquidity, adequate capital buffers and long track record in the gold lending sector leveraged the progress. Muthoottu Mini has upgraded its ratings twice during this fiscal despite the adversities of Covid 19.

Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said; The credit rating reflects the company's ability and experience to make great strides in this challenging phase. He added that this is an inspiration to bring better services to more customers.

India Ratings and Research is a credit rating agency that provides accurate and up-to-date information on the credit market in India. Leading rating agency Care Ratings also upgraded Muthoottu Mini Financiers' credit rating from BBB Stable to BBB+ Stable recently.

About Muthoottu Mini Financiers Limited: (RBI Registration No: N-16.00175)

Muthoottu Mini Financiers Limited is an RBI registered non-deposit taking systemically important NBFC in the loan against gold financing sector, lending money against the pledge of household gold jewellery for over 2 decades. As on June 30, 2021 the Company had a network of 807 branches spread in the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Gujarat, Delhi and Goa and the union territory of Puducherry and employed 3,117 persons in its business operations.

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