CHENNAI:
Veritas Finance
, a Chennai-headquartered NBFC focused on lending to micro, small, medium enterprises (MSME), has had its credit rating upgraded from CARE BBB to CARE BBB+, signifying a "stable outlook" for long-term bank loan and non-convertible
debentures
issues.
With presence in seven states and one Union territory,
Veritas
said the revised rating "reflects and demonstrates improvement in the credit worthiness" of the company.
The rating factors in an increase in the scale of operations, improvement in the financial performance of the company and its further capitalisation with an equity raise of Rs 200 crore during October 2018.
Commenting on the upgrade, Arulmany D, MD & CEO, Veritas Finance, said, “It is one of the important milestones that we have achieved in a short span of three years."
"The rating upgrade by CARE Ratings is clearly a reflection of our proven track record, better customer service & rapidly growing branch presence with sustainable growth oriented business model," he added.
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