S&P affirms Shriram Transport Finance Co's rating, removes from CreditWatch

Global rating agency Standard and Poor’s (S&P) has affirmed issuer credit rating 'BB-/B' to Indian auto financier Shriram Transport Finance Co (STFC) due to improvement in its resource mobilisation and collections.

It also removed the ratings from CreditWatch. The rating were placed under watch with negative implications on June 26, 2020.

The company is likely to sustain a recent improvement in its resource mobilisation, collections, and on-balance-sheet liquidity over the next 12 months, S&P said in a statement.

The stable outlook on STFC reflects the view that the company's deterioration in asset quality will be manageable over the next 12 months.

The company's results