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Rating Agency Type of Instrument Rating Remarks
India Ratings & Research Private Limited
Commercial Paper Programme ‘IND A1+’ The ‘A1+’ rating indicates the Highest Level of Rating. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.
Long-term Debt Instruments and Subordinated Debt Programme ‘IND AAA/Stable’  
CARE Ratings Limited (Formerly known as Credit Analysis & Research Limited) Long-term Debt Instruments and Subordinated Debt Programme ‘CARE AAA/Stable’ The ‘AAA’ ratings denote the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.
Brickwork Ratings India Private Limited Long-term Subordinated Debt Programme ‘BWR AAA/Stable’  
CRISIL Limited
Fixed Deposit Programme 'CRISIL FAAA/Stable'
Long-term Debt Instruments, Subordinated Debt Programme and Bank Facilities ‘CRISIL AA+/Stable’ The ‘AA+’ rating indicates a high degree of safety with regard to timely payment of financial obligations. Such instruments carry very low credit risk.
Short-term Debt and Bank Loans ‘CRISIL A1+’ The ‘A1+’ rating indicates the Loans Highest Level of Rating. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

© 2018 Mahindra Finance

CIN - L65921MH1991PLC059642

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