S&P ups Manappuram Finance

S&P said it raised its long-term issuer credit rating on Manappuram Finance Ltd. to BB- from B+.

“In our view the India-based finance company will continue to outperform its non-gold nonbank finance company (NBFC) peers in terms of asset quality and profitability over the next 12 months. This is notwithstanding a sharp correction in gold prices in recent months and economic disruptions due to a devastating second wave of Covid-19 infections,” the agency said in a press release.

S&P said it sees Manappuram’s core earnings staying at more than 5% of its average managed assets during this period, which is one of the highest among rated peers.

The outlook is stable.

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