Religare Housing Finance Hits New High with ICRA Rating Upgrade

Religare Housing Development Finance Corporation Limited (RHDFCL) has marked a significant milestone in its financial journey by receiving an upgraded rating from ICRA Limited. The company announced its new rating of [ICRA]BBB- (Stable)/[ICRA]A3, reflecting enhanced financial robustness and operational stability.

This upgrade is attributed to favorable developments within the Religare group, such as the consolidated role of the Burman Group as promoters and efforts to strengthen Religare Enterprises Limited's board composition, thereby reinforcing the group's credit profile. RHDFCL's financial health is underscored by its net worth of Rs. 208 crores and improved asset quality, with a reduction in gross stage 3 assets.

With anticipated growth in the affordable housing sector, RHDFCL plans to leverage its upgraded rating to access more competitive funding options. The company remains committed to serving low-income and informal segments, aiming to increase market reach and capitalize on rising demand through strategic partnerships and robust risk management.

(With inputs from agencies.)