SBFC Finance share jumped more than 16% after CARE Ratings, a leading credit rating provider in India, upgraded the ratings on SBFC’s bank facilities.
According to the company’s exchange filing, CARE ratings upgraded SBFC Finance’s long-term fund-based term loan of Rs 2,100 crore to ‘AA-‘ with a stable outlook, up from ‘A+’ stable earlier.
In a similar vein, the ratings agency upgraded and withdrew the NBFC’s long-term, fund-based term loan (unallocated bank lines) of Rs 1,400 crore to ‘AA-‘ with a stable outlook, from ‘A+’ with a stable outlook earlier.
As of 12:15 pm, SBFC Finance shares were trading 15.15% higher at Rs 101.54 on the NSE.
