bg-rating-rationales

Entity-Specific Rating Rationales

05 Jan 2026

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance loan receivables securitisation transaction

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance loan receivables securitisation transaction

05 Jan 2026

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

31 Dec 2025

SATYA MicroCapital Ltd.: Rating downgraded to [ICRA]BB, removed from Rating Watch with Negative Implications and Negative outlook assigned

SATYA MicroCapital Ltd.: Rating downgraded to [ICRA]BB, removed from Rating Watch with Negative Implications and Negative outlook assigned

08 Dec 2025

Satya MicroCapital Ltd.: Rating withdrawn for PTCs issued under a pool of microfinance and unsecured SME loan receivables securitisation transaction

Satya MicroCapital Ltd.: Rating withdrawn for PTCs issued under a pool of microfinance and unsecured SME loan receivables securitisation transaction

21 Nov 2025

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

21 Nov 2025

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance loan receivables securitisation transaction

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance loan receivables securitisation transaction

20 Nov 2025

SATYA MicroCapital Ltd.: Ratings downgraded to [ICRA]BBB- and put on Rating Watch with Negative Implications

SATYA MicroCapital Ltd.: Ratings downgraded to [ICRA]BBB- and put on Rating Watch with Negative Implications

24 Sep 2025

Satya MicroCapital Ltd.: Ratings placed on Watch with Negative Implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

Satya MicroCapital Ltd.: Ratings placed on Watch with Negative Implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

24 Sep 2025

Satya MicroCapital Ltd.: Rating placed on Watch with Negative Implications for PTCs issued under microfinance loan receivables securitisation transaction

Satya MicroCapital Ltd.: Rating placed on Watch with Negative Implications for PTCs issued under microfinance loan receivables securitisation transaction

01 Sep 2025

SATYA MicroCapital Ltd.: Rating downgraded to [ICRA]BBB and outlook revised to Negative from Stable; rating withdrawn for matured subordinated debt

SATYA MicroCapital Ltd.: Rating downgraded to [ICRA]BBB and outlook revised to Negative from Stable; rating withdrawn for matured subordinated debt