The debt issues of TFCI were rated by CARE Ratings Ltd. (CARE), Brickwork Ratings India (P) Ltd. (BWR) and SMERA Ratings Ltd. (SMERA). CARE has reaffirmed the rating of “CARE A+” for long term unsecured bonds and assigned rating of A1+ for Commercial Papers. Rating was taken from Brickwork Ratings India (P) Ltd. (BWR) and SMERA. BWR has reaffirmed its rating of ‘BWR AA -’ (outlook: Stable) and SMERA has assigned a rating of “SMERA AA -” (outlook: Stable). The rating rationale is enclosed.
NCD: Non-Convertible Debentures