Fibe’s EarlySalary gets rating upgrades from Crisil and India Ratings
Fibe’s NBFC arm EarlySalary receives rating upgrades from Crisil and India Ratings, reflecting stronger capitalisation, profitability, asset quality and collections.
EarlySalary Services Pvt Ltd, the non-banking financial company (NBFC) arm of fintech firm Fibe, has received rating upgrade from Crisil and India Ratings and Research.
India Ratings has upgraded the rating on the company’s non-convertible debentures (NCDs) to ‘IND A’/Stable from ‘IND A-Positive’, the company said in a statement.
Crisil assigns A/Stable rating
Crisil Ratings has assigned a ‘CRISIL A/Stable’ rating to EarlySalary’s long-term bank loan facilities of Rs 700 crore and NCDs of Rs 800 crore.
The rating actions reflected progress in building a financially resilient lending business, supported by strong capitalisation, diversified funding, disciplined underwriting and improved collections, Fibe chairperson and Executive Director Ashish Goyal said.
Improvements in business and financial metrics
EarlySalary Services is a wholly owned subsidiary of Social Worth Technologies Ltd (SWTL), the parent company of Fibe.
The rating actions reflect improvements in the group’s business scale, profitability, asset quality and capitalisation metrics, it added.
Source: BusinessLine Money & Banking
Disclaimer: This article is for general information and does not constitute investment, tax or legal advice. Markets and rates change; please verify with official sources or a qualified professional before you act.
