Credit Rating

In March 2023 and September 2023, LUCKY-HOLDINGS received an upgrade to a AA- (Stable) credit rating from ICRA and India Ratings, respectively, up from the previous A+ rating for all of our long-term facilities. For short-term bank facilities and commercial papers, ICRA re-affirmed an A1+ (Positive) rating in March 2023, and CARE Edge reaffirmed the same rating in August 2023.

Our credit rating is a crucial factor in supporting our diversified funding strategy. Since 2015, our commercial paper program has consistently maintained an A1+ rating. Our NCDs and long-term bank facilities are rated AA- (Stable), as confirmed by ICRA in October 2023 and CareEdge Ratings. Furthermore, our market-linked debentures and subordinated debt program currently hold an AA- (Stable) rating from ICRA. Additionally, in October 2023, ICRA reaffirmed the ratings assigned in March 2023. A portion of our Direct to Customer Lending also qualifies for priority sector lending under RBI guidelines, which allows us to access lower-cost funding from banks.