PNB Housing Finance on Thursday said it has received a credit rating upgrade from India Ratings on its Non-Convertible Debentures (NCDs) and bank loans.
The rating has been upgraded from ‘IND AA+’ to ‘IND AAA’ with a stable outlook, PNB Housing Finance said in a statement.
The rating rationale highlights the company’s proven track record across key business parameters, its consistent improvement in profitability and asset quality, along with granularisation of the loan book, thereby reducing concentration risks, it said.
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It also acknowledges Punjab National Bank’s strategic stake in PNB Housing and its shared legacy, thus reinforcing confidence in the Company’s long-term stability, it added.
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