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ICRA Limited upgraded SML Mahindra's long-term banking facility rating for Rs. 391 Cr to [ICRA] AA+ (Stable) from [ICRA] AA-. This upgrade reflects expected improved credit profile and operational synergies following Mahindra & Mahindra's stake acquisition. Short-term banking facilities of Rs. 250 Cr were reaffirmed at [ICRA] A1+.