India, June 24 -- Aye Finance, a technology-driven lender focused on India's micro-enterprise sector, has received a credit rating upgrade from India Ratings and Research (Ind-Ra). The company's issuer rating has been upgraded to IND A+ with a Stable Outlook from IND A, reflecting its strengthened financial position and operational performance.
The rating agency also upgraded Aye Finance's long-term debt instruments to IND A+ (Stable Outlook) from IND A, while its commercial paper (CP) rating was raised to IND A1+ from IND A1.
According to Ind-Ra, the upgrade was driven by several key factors, including a stronger loan portfolio supported by the expansion of its mortgage business, improved capitalization, rising profitability, diversified...