MUMBAI, India, May 30, 2025 /PRNewswire/ -- HomeFirst Finance Company India Limited is pleased to announce that ICRA Limited has upgraded its long-term credit rating to [ICRA] AA (Stable) from [ICRA] AA- (Stable). The upgrade reflects the company's robust financial performance, stable asset quality, comfortable earnings profile, and strengthened capitalization, which are expected to support its medium-term growth plans. The aggregate rated amount across all instruments now stands at ₹5,961 crores, reflecting increased confidence from rating agencies and lenders.

Key Details of the Rating Upgrade:

1. Enhanced Credit Profile:
   1. The long-term rating upgrade reflects HomeFirst's improved capitalization, stable asset quality, and sustainable earnings.
   2. The reaffirmation of the short-term commercial paper rating at [ICRA] A1+ highlights the company's robust liquidity position.
2. Instrument-wise Rating Actions:
   1. Long-Term Fund-Based Facilities: Upgraded to [ICRA] AA (Stable) with an enhanced limit of ₹5,300 crores (previously ₹4,500 crores).
   2. Non-Convertible Debentures (NCDs): Upgraded to [ICRA] AA (Stable) for ₹561 crores.
   3. Commercial Paper Programme: Reaffirmed at [ICRA] A1+ for ₹100 crores.

Commenting on the Credit Rating upgrade, Mr. Manoj Viswanathan, MD & CEO, HomeFirst Finance Company India Limited, said: "The credit rating upgrade to AA (Stable) by ICRA Limited is a testimony of HomeFirst's commitment to excellence in the Housing Finance industry. Our differentiated business model with high productivity supported by enhanced usage of technology, diversified funding and strong risk management practices have enabled us to deliver best in class growth and sustained profitability. Our goal is to establish HomeFirst as a leading brand in the affordable home finance sector, known for its transparency, speed, and customer service. We remain enthusiastic and committed to the multi-decadal opportunity that is unfolding in the housing finance sector."

About HomeFirst Finance Company India Limited

HomeFirst Finance Company India Limited (HomeFirst) is a technology-driven affordable housing finance company that targets first time home buyers in low and middle-income groups. It primarily offers housing loans for the purchase or construction of homes. The company has deep penetration in the largest housing finance markets. It boasts of a network of 123 branches across 13 states/UTs in India, with a significant presence in emerging urban regions in the states of Gujarat, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Gujarat. The company has diversified lead generating channels with a wide network of connectors

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