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Credit Analysis & Research Ltd (CARE) has upgraded Mahindra & Mahindra Ltd's (M&M) credit rating to AAA, its highest level of rating, for the automobile manufacturer's long-term bank facilities.
The upgrade is based on M&M’s continued "strong operational and financial performance" in the face of significant challenges in the business environment, the rating agency said in a statement.
“This rating upgrade by CARE is the result of our proven financial flexibility in an increasingly challenging environment. With this, we have secured AAA rating from both CARE and India Rating (a Fitch group company)," said Anand Mahindra, Chairman, Mahindra Group.
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