India Shelter Finance Corporation Limited, a leading company in housing finance recently announced that ICRA limited has upgraded the credit ratings of Non-Convertible Debentures and term loans.

The rating for the NCD programme has been raised to [ICRA] AA- (stable) from [ICRA] A+ (positive). The rating for the company's long-term fund-based term loan facilities has also been upgraded to [ICRA] AA- (stable) from [ICRA] A+ (positive).

This rating upgrade highlights the company's financial performance, risk management and sustained growth route in the affordable housing finance sector. With its focus on enabling home ownership for underserved segments of society, India Shelter is expanding its reach in Tier II and Tier III cities.

Commenting on the development, Rupinder Singh, MD & CEO of India Shelter Finance Corporation Ltd, "We are delighted with the upgraded ratings. This positive development is a testament to our strong financial foundation, strategic focus, and the trust that our customers, investors, and partners place in us. It further strengthens our commitment to expanding access to affordable housing finance across the country."

The [ICRA] AA- (stable) rating indicates a high degree of safety regarding the timely servicing of financial obligations and highlights the company's risk mitigation strategies and financial management practices.

ICRA's revised ratings are based on a thorough assessment of India Shelter's financial health, operational performance and the macroeconomic environments.