Three Indian partner MFIs of Incofin IM receive rating upgrade from CRISIL

Three Indian partner MFIs of Incofin IM receive rating upgrade from CRISIL

2012/02/10

Rating agency CRISIL has upgraded the credit rating of three Indian microfinance institutions namely Asomi, Fusion Microfinance and Hope Microcredit from mfR 5 to mfR 4 (mfR 1 being the highest score and mfR8 beign the lowest). While Rural Impulse Fund I is the shareholder of Asomi, the Rural Impulse Fund II Incofin IM is the shareholder of Fusion and Hope.

Asomi has its operations spread out in the North-eastern state of Assam. Fusion Microfinance operates in the rural areas of North-Central India. Hope Microcredit operates in the south western state of Kerala and has part presence in Tamil Nadu, Anadaman and NE states. All three institutions are dynamically managed by a regional focussed strong management-cum-promoter team.

Given the challenging period the Indian microfinance sector underwent in the last 18 months, the increased rating by CRISIL shows a very exceptional performance by the MFIs. It encourages Incofin to pursue its strategy to invest in professional regional players focusing on rural, underserved areas.