Care Ratings has upgraded Shriram Finance's non-convertible debentures and subordinated debt ratings to "AAA", citing the company's strong operational and financial performance in FY25 and H1 FY26. The agency also reaffirmed the commercial paper rating at "Care A1". These upgrades reflect recent developments, including MUFG Bank's planned investment of Rs 39,618 crore for a 20 per cent stake in Shriram Finance.