The company's long-term debt rating has been upgraded to LBBB- from LBB+.
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ICRA Nepal Limited has upgraded the credit rating of MAW Hire Purchase Private Limited (MHPL) on the back of its improved financial performance and strong asset quality.
The company’s long-term credit rating has been upgraded from LBB+ to LBBB-. The short-term rating has been upgraded from A4+ to A3, the company said in a statement.
The company claims that this rating upgrade reflects the continued progress made towards strengthening MHPL’s overall credit profile.
The company has significantly improved its asset quality, particularly in the mobile phone financing sector, due to its strong recovery mechanisms and technology-based control system, the statement said.
Being part of the MAW Group, which has been established in Nepal’s automobile sector for over five decades, is another strong point for MHPL, the statement said.
