India Shelter Finance Corporation Limited Receives Upgraded Credit Rating from ICRA
Mumbai, August 27, 2024 – India Shelter Finance Corporation Limited, a one of the premier housing finance companies announces that ICRA Limited has upgraded the credit ratings of its Non-Convertible Debentures (NCD) and term loans. The rating for India Shelter’s NCD program has been upgraded to [ICRA]AA- (Stable) from [ICRA]A+ (Positive). Additionally, the rating for the company’s long-term fund-based term loan facilities has also been upgraded to [ICRA]AA- (Stable) from [ICRA]A+ (Positive).
This rating upgrade is a significant milestone for India Shelter, underscoring the company’s robust financial performance, prudent risk management, and sustained growth trajectory in the affordable housing finance sector. The revised rating reflects ICRA’s confidence in India Shelter’s ability to meet its financial obligations, maintain a stable credit profile, and continue delivering value to its stakeholders.
Rupinder Singh, MD & CEO of India Shelter Finance Corporation Ltd commented on the development, stating, "We are delighted with the upgraded ratings. This positive development is a testament to our strong financial foundation, strategic focus, and the trust that our customers, investors, and partners place in us. It further strengthens our commitment to expanding access to affordable housing finance across the country.
The upgrade comes at a time when India Shelter is expanding its footprint in Tier II and Tier III cities, with a focus on enabling home ownership for underserved segments of society. The company continues to innovate its product offerings and enhance its customer service to meet the evolving needs of its diverse clientele. The [ICRA]AA- (Stable) rating denotes a high degree of safety regarding the timely servicing of financial obligations and reflects the company’s strong risk mitigation strategies and sound financial management practices.
ICRA’s ratings are based on a thorough evaluation of India Shelter’s financial health, operational performance, and the macroeconomic environment. India Shelter remains committed to its mission of making affordable housing finance accessible to more Indians, contributing to the nation’s housing goals, and creating sustainable growth for all its stakeholders.
About India Shelter Finance Corporation Ltd.:
India Shelter provides affordable home loans and loan against property in Tier 2 and 3 geographies in India. India Shelter provides home loans to customers from low-and middle-income segments who are building or buying their first homes. The company has strong distribution moat with its Pan-India network in 15 states via 236 branches and maintains a granular portfolio. The company is being run by an experienced professional management team backed by marquee investors.
For any media queries, please contact:
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Adfactors PR Apoorva Bansal +91 9873792612 apoorva.bansal@adfactorspr.com
Shruti Kumari +91 70798 67856 |
India Shelter Finance Corporation Ltd. Ankita Mahajan |
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