CARE Ratings Limited has reaffirmed its highest credit ratings on the bank facilities and debt instruments of TVS Motor Company Limited, according to a stock exchange notification filed by the two-wheeler maker on Tuesday.
The rating agency reaffirmed its 'CARE AAA; Stable' rating on long-term bank facilities, which have been enhanced to Rs 3,241.65 crore from the previous limit of Rs 2,100 crore.
CARE Ratings also reaffirmed its 'CARE AAA; Stable' and 'CARE A1+' ratings on long-term and short-term bank facilities totaling Rs 1,008.35 crore, enhanced from Rs 950 crore.
Short-term bank facilities of Rs 608 crore and commercial paper instruments of Rs 500 crore retained their 'CARE A1+' ratings.
Across non-convertible debentures totaling Rs 1,000 crore—comprising individual issuances of Rs 675 crore, Rs 175 crore, Rs 125 crore, and Rs 25 crore—the agency reaffirmed its 'CARE AAA; Stable' rating.
CARE Ratings also withdrew its 'CARE A1+' rating on short-term instruments totaling Rs 1,900.35 crore and non-convertible redeemable preference shares following their complete redemption by the company.