Global credit rating agency Moody's Investors Service on Monday said it has withdrawn the 'Baa3' rating of automobile major Mahindra & Mahindra Ltd.
On its part, Mahindra & Mahindra in a regulatory filing with BSE said Moody's has withdrawn the rating following its request.
In a statement issued here, Moody's said it has withdrawn Mahindra & Mahindra Ltd's Baa3 issuer rating and a stable outlook.
"Moody's has withdrawn the rating for its own business reasons," the statement said without further elaboration.
Meanwhile, Mahindra & Mahindra said Indian rating agency ICRA has re-affirmed ICRA AAA rating assigned to the company's Rs 500 crore non-convertible debenture programme.
ICRA also reaffirmed its AAA rating for the Rs 88 crore, long-term, fund-based facilities, and the Rs 81 crore, long-term, non-fund-based facilities of Mahindra & Mahindra.
ICRA has also re-affirmed the A1+ rating assigned to the Rs 132 crore, short-term, non-fund based facilities of Mahindra & Mahindra.
The rating agency has also reaffirmed AAA/A1+ ratings assigned to the Rs 99 crore, long-term/short-term, fund-based/non-fund based facilities of the automobile company.
The outlook on the long-term rating is "stable", as per ICRA rating.
--IANS
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