Moody's withdraws M&M Rating, ICRA Reaffirms its Rating
Global credit rating agency Moody's Investors Service on Monday said it has withdrawn the 'Baa3' rating of automobile major Mahindra & Mahindra Ltd. On its part, Mahindra & Mahindra in a regulatory filing with BSE said Moody's has withdrawn the rating following its request. In a statement issued here, Moody's said it has withdrawn Mahindra & Mahindra Ltd's Baa3 issuer rating and a stable outlook. "Moody's has withdrawn the rating for its own business reasons," the statement said without further elaboration. Meanwhile, Mahindra & Mahindra said Indian rating agency ICRA has re-affirmed ICRA AAA rating assigned to the company's Rs 500 crore non-convertible debenture programme. ICRA also reaffirmed its AAA rating for the Rs 88 crore, long-term, fund-based facilities, and the Rs 81 crore, long-term, non-fund-based facilities of Mahindra & Mahindra. ICRA has also re-affirmed the A1+ rating assigned to th...