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Rating Rationales

13 May 2025

Canara Robeco Asset Management Company Limited: Ratings reaffirmed

Canara Robeco Asset Management Company Limited: Ratings reaffirmed

13 May 2025

H.G. Infra Engineering Limited: Ratings reaffirmed and rated amount enhanced

H.G. Infra Engineering Limited: Ratings reaffirmed and rated amount enhanced

13 May 2025

JSW Steel Limited: Update on material event

JSW Steel Limited: Update on material event

13 May 2025

Kribhco Green Energy Private Limited: Rating reaffirmed

Kribhco Green Energy Private Limited: Rating reaffirmed

13 May 2025

Manoj Vaibhav Gems 'N' Jewellers Limited: Change in limits

Manoj Vaibhav Gems 'N' Jewellers Limited: Change in limits

13 May 2025

NED Energy Limited: Update on entity

NED Energy Limited: Update on entity

13 May 2025

Netra Wind Private Limited: Ratings downgraded and outlook revised to Stable; short term rating withdrawn

Netra Wind Private Limited: Ratings downgraded and outlook revised to Stable; short term rating withdrawn

13 May 2025

Rewari Bypass Private Limited: Rating withdrawn

Rewari Bypass Private Limited: Rating withdrawn

13 May 2025

Sri Shanmugavel Mills Private Limited: Ratings reaffirmed

Sri Shanmugavel Mills Private Limited: Ratings reaffirmed

13 May 2025

The Indian Express Private Limited: Ratings reaffirmed

The Indian Express Private Limited: Ratings reaffirmed


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Structured Finance Rating Rationales

12 May 2025

Muthoot Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by 2025 MFI Mckinley

Muthoot Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by 2025 MFI Mckinley

12 May 2025

NeoGrowth Credit Private Limited: Rating confirmed as final for PTCs backed by MSME business loan receivables issued by Scorpio Trust April 2025

NeoGrowth Credit Private Limited: Rating confirmed as final for PTCs backed by MSME business loan receivables issued by Scorpio Trust April 2025

12 May 2025

Vivriti Capital Limited: Provisional ratings assigned to PTCs backed by unsecured personal loan receivables (originated under co-lending partnerships) issued by Hazel 04 2025

Vivriti Capital Limited: Provisional ratings assigned to PTCs backed by unsecured personal loan receivables (originated under co-lending partnerships) issued by Hazel 04 2025

09 May 2025

Kaabil Finance Private Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTCs backed by a pool of secured business loan receivables

Kaabil Finance Private Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTCs backed by a pool of secured business loan receivables

08 May 2025

Lendingkart Finance Limited: Ratings withdrawn for PTCs backed by pool of unsecured small business loan receivables

Lendingkart Finance Limited: Ratings withdrawn for PTCs backed by pool of unsecured small business loan receivables

07 May 2025

IDFC FIRST Bank Limited: Ratings confirmed as final for PTCs backed by two-wheeler loan receivables issued by Bharat 2025 Series I

IDFC FIRST Bank Limited: Ratings confirmed as final for PTCs backed by two-wheeler loan receivables issued by Bharat 2025 Series I

07 May 2025

Satin Finserv Limited: Ratings confirmed as final for PTCs backed by secured business loan receivables issued by Lunify 2025

Satin Finserv Limited: Ratings confirmed as final for PTCs backed by secured business loan receivables issued by Lunify 2025

07 May 2025

Suryoday Small Finance Bank Limited: Provisional [ICRA]AA+(SO) assigned to SN Series A1 and Provisional [ICRA]A(SO) assigned to Equity Tranche issued by Camion 03 2025, backed by a pool of vehicle loans receivables

Suryoday Small Finance Bank Limited: Provisional [ICRA]AA+(SO) assigned to SN Series A1 and Provisional [ICRA]A(SO) assigned to Equity Tranche issued by Camion 03 2025, backed by a pool of vehicle loans receivables

06 May 2025

Berar Finance Limited: Provisional [ICRA]A-(SO) assigned to Series A1 PTC backed by two-wheeler loan receivables issued by SENTINEL 2025

Berar Finance Limited: Provisional [ICRA]A-(SO) assigned to Series A1 PTC backed by two-wheeler loan receivables issued by SENTINEL 2025

06 May 2025

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A backed by vehicle loan receivables issued by PLATINUM TRUST APR 2025 - TRANCHE II; Provisional [ICRA]A-(SO) assigned to second loss facility

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A backed by vehicle loan receivables issued by PLATINUM TRUST APR 2025 - TRANCHE II; Provisional [ICRA]A-(SO) assigned to second loss facility


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ICRA's Rating process starts when the issuer contacts
our business team to engage our services.

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08 Apr 2025 04:00 PM

ICRA Webinar on the Indian Banking Sector - Regulatory easing to support credit growth in FY2026; asset quality remains monitorable

--By Mr Karthik Srinivasan,Mr Anil Gupta,Mr Sachin Sachdeva
PPT
03 Apr 2025 04:00 PM

ICRA Webinar on Outlook FY2026

--By Mr. K Ravichandran,Ms. Aditi Nayar,Mr. Karthik Srinivasan
PPT
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