Moody's upgrades Piramal Finance's credit ratings and outlook

Piramal Finance has received credit ratings from Moody's as detailed under:

- Long-term Corporate Family Rating (CFR) and Senior Secured Debt Rating from Ba3 to Ba2;
- Senior Secured Medium-term Note Programme from (P)Ba3 to (P)Ba2; and
- The outlook has been revised from 'Positive' to 'Stable'

The rating action reflects the Company's strong business, financial, and risk profile as an Upper Layer NBFC.