India's CRISIL ups Mahindra's bonds to 'AA+'

Newswire

BOMBAY, July 28 (Reuters) - Indian rating agency CRISIL Ltd. said on Wednesday it had upgraded the bonds of utility vehicle maker Mahindra & Mahindra to 'AA+' from 'AA', a raise within the high safety grade. The upgrade takes into account the company's improved financial risk profile, which is reflected by a sharp improvement in its capital structure, it said. The upgrade also factors in Mahindra's increased financial flexibility arising from the issue of $100 million convertible ...

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