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Rating Rationales

03 May 2024

Bajaj Finserv Asset Management Limited: Provisional rating assigned to Bajaj Finserv Ultra Short Duration Fund and provisional rating confirmed as final for Bajaj Finserv Banking and PSU Fund; rating reaffirmed for other schemes

Bajaj Finserv Asset Management Limited: Provisional rating assigned to Bajaj Finserv Ultra Short Duration Fund and provisional rating confirmed as final for Bajaj Finserv Banking and PSU Fund; rating reaffirmed for other schemes

03 May 2024

Gokaldas Exports Limited: Ratings reaffirmed; removed from Rating Watch with Developing Implications; Stable outlook assigned

Gokaldas Exports Limited: Ratings reaffirmed; removed from Rating Watch with Developing Implications; Stable outlook assigned

03 May 2024

Kotak Mahindra Bank Limited: Update on Material Event

Kotak Mahindra Bank Limited: Update on Material Event

03 May 2024

Kumar Arch Tech Private Limited: Rating moved to Issuer Non-Cooperating Category

Kumar Arch Tech Private Limited: Rating moved to Issuer Non-Cooperating Category

03 May 2024

DSP Investment Managers Private Limited: Ratings reaffirmed

DSP Investment Managers Private Limited: Ratings reaffirmed

03 May 2024

Jadli Foods (India) Pvt. Ltd.: Continues to remain under issuer Non-Cooperating category

Jadli Foods (India) Pvt. Ltd.: Continues to remain under issuer Non-Cooperating category

02 May 2024

Shree Umiya Cotspin Pvt. Ltd.: Continues to remain under issuer Non-Cooperating category

Shree Umiya Cotspin Pvt. Ltd.: Continues to remain under issuer Non-Cooperating category

02 May 2024

ICICI Securities Limited: Ratings reaffirmed; rated amount enhanced for commercial paper programme

ICICI Securities Limited: Ratings reaffirmed; rated amount enhanced for commercial paper programme

02 May 2024

Rayani Spintex Private Limited: Continues to remain under issuer Non-Cooperating category

Rayani Spintex Private Limited: Continues to remain under issuer Non-Cooperating category

02 May 2024

DS Toll Road Limited: Continues to remain under issuer Non-Cooperating category

DS Toll Road Limited: Continues to remain under issuer Non-Cooperating category


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Structured Finance Rating Rationales

03 May 2024

Sundaram Finance Limited: Rating confirmed as final for PTCs backed by pool of commercial vehicle, construction equipment and machinery loan receivables issued by Shri Trust AX 2024

Sundaram Finance Limited: Rating confirmed as final for PTCs backed by pool of commercial vehicle, construction equipment and machinery loan receivables issued by Shri Trust AX 2024

03 May 2024

Sundaram Finance Limited: Rating confirmed as final for PTCs backed by pool of commercial vehicle, construction equipment and machinery loan receivables issued by Shri Trust AY 2024

Sundaram Finance Limited: Rating confirmed as final for PTCs backed by pool of commercial vehicle, construction equipment and machinery loan receivables issued by Shri Trust AY 2024

03 May 2024

Fincare Small Finance Bank Limited: Ratings confirmed as final for PTCs backed by microfinance loan receivables issued by Mysuru Feb 2024

Fincare Small Finance Bank Limited: Ratings confirmed as final for PTCs backed by microfinance loan receivables issued by Mysuru Feb 2024

03 May 2024

Fincare Small Finance Bank Limited: Ratings confirmed as final for SNs backed by loan against property receivables issued by Hampi Feb 2024

Fincare Small Finance Bank Limited: Ratings confirmed as final for SNs backed by loan against property receivables issued by Hampi Feb 2024

02 May 2024

NeoGrowth Credit Private Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC backed by MSME business loan receivables issued by Gemini Trust April 2024

NeoGrowth Credit Private Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC backed by MSME business loan receivables issued by Gemini Trust April 2024

02 May 2024

Aye Finance (P) Ltd.: Provisional [ICRA]AA(SO) assigned to PTC Series A1 issued by SBL Mrinalini 0424, backed by a pool of unsecured business loans

Aye Finance (P) Ltd.: Provisional [ICRA]AA(SO) assigned to PTC Series A1 issued by SBL Mrinalini 0424, backed by a pool of unsecured business loans

30 Apr 2024

Varthana Finance Private Limited (erstwhile Thirumeni Finance Private Limited): Rating reaffirmed for PTCs issued under school finance receivable securitisation transaction

Varthana Finance Private Limited (erstwhile Thirumeni Finance Private Limited): Rating reaffirmed for PTCs issued under school finance receivable securitisation transaction

30 Apr 2024

Spandana Sphoorty Financial Limited: Ratings upgraded for PTCs issued under microfinance loan securitisation transactions

Spandana Sphoorty Financial Limited: Ratings upgraded for PTCs issued under microfinance loan securitisation transactions

29 Apr 2024

Satin Creditcare Network Limited: Rating actions on PTCs issued under two microfinance loan securitisation transactions

Satin Creditcare Network Limited: Rating actions on PTCs issued under two microfinance loan securitisation transactions

29 Apr 2024

Clix Capital Services Private Limited: Ratings withdrawn for PTCs backed by personal loan receivables transaction

Clix Capital Services Private Limited: Ratings withdrawn for PTCs backed by personal loan receivables transaction


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