CARE assigns 'CARE AAA' and 'PR1+' Rating to Tech Mahindra

Monday, 23 March 2009, 20:36 IST
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Mumbai, Maharashtra: Tech Mahindra today announced that Credit Analysis and Research Limited (CARE) has assigned the highest rating of 'CARE AAA' [Triple A] / 'PR1+' [PR One Plus] for its short term / long-term borrowing program. Further, CARE has also assigned 'CARE AAA' [Triple A] / 'PR1+' [PR One Plus] rating to the Bank Facilities of Tech Mahindra Limited. The highest credit rating is testimony to the strong financial position of the Company. Instruments/facilities with 'PR1+' [PR One Plus] rating would have strong capacity for timely payment of short-term debt obligations and carry lowest credit risk. Within this category, instruments/facilities with relatively better credit characteristics are assigned PR1+ rating. This rating is applicable for instruments/facilities having tenure up to one year. Instruments/facilities with 'CARE AAA' [Triple A] rating are considered to be of the best credit quality, offering highest safety for timely servicing of debt obligations. Such instruments/facilities carry minimal credit risk. This rating is applicable for instruments/facilities having a tenure of over one year.
Source: IANS
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