BWI: CARE Assigns ‘CARE AAA’ [Triple A] / ‘PR1+’ [PR One Plus] Rating to Tech Mahindra Limited

Press release from Business Wire India
Source: Tech Mahindra Limited
Saturday, March 21, 2009 01:02 PM IST (07:32 AM GMT)
Editors: General: Consumer interest; Business: Information technology; Technology; Automotive
Release no: 19524
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CARE Assigns 'CARE AAA' [Triple A] / 'PR1+' [PR One Plus] Rating to Tech Mahindra Limited


Mumbai, Maharashtra, India, Saturday, March 21, 2009 -- (Business Wire India) -- Tech Mahindra Limited today announced that Credit Analysis and Research Limited (CARE) has assigned the highest rating of 'CARE AAA' [Triple A] / 'PR1+' [PR One Plus] for its short term / long-term borrowing program. Further, CARE has also assigned 'CARE AAA' [Triple A] / 'PR1+' [PR One Plus] rating to the Bank Facilities of Tech Mahindra Limited. The highest credit rating is testimony to the strong financial position of the Company.

Instruments/facilities with 'PR1+' [PR One Plus] rating would have strong capacity for timely payment of short-term debt obligations and carry lowest credit risk. Within this category, instruments/facilities with relatively better credit characteristics are assigned PR1+ rating. This rating is applicable for instruments/facilities having tenure up to one year.

Instruments/facilities with 'CARE AAA' [Triple A] rating are considered to be of the best credit quality, offering highest safety for timely servicing of debt obligations. Such instruments/facilities carry minimal credit risk. This rating is applicable for instruments/facilities having a tenure of over one year.

About Tech Mahindra

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry, majority stake owned by Mahindra & Mahindra, in partnership with BT Plc. With total revenues of USD 934.7 million in the year ended March 31, 2008, Tech Mahindra is India's 6th largest software exporter, and serves telecom service providers, equipment manufacturers, software vendors and systems integrators. Tech Mahindra has principal offices in the UK, United States, Germany, UAE, Egypt, Singapore, India, Thailand & Australia.


CONTACT DETAILS
Prasenjit Roy, Tech Mahindra Limited, +91 (22) 66882001, +91 9987752715, pgroy@techmahindra.com

KEYWORDS
CONSUMER, IT, TECHNOLOGY, AUTOMOTIVE

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