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Entity-Specific Rating Rationales

27 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings reaffirmed for purchaser payouts and PTCs issued under four mortgage loan securitisation transactions

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings reaffirmed for purchaser payouts and PTCs issued under four mortgage loan securitisation transactions

27 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings withdrawn for PTC and SLF issued under a mortgage loan securitisation transaction

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings withdrawn for PTC and SLF issued under a mortgage loan securitisation transaction

21 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 SNs backed by personal loan receivables issued by NEXA TRUST SEPT 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 SNs backed by personal loan receivables issued by NEXA TRUST SEPT 2025

21 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

13 Jan 2026

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 PTCs backed by personal loan receivables issued by VED TRUST PTC JULY 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating confirmed as final for Series A1 PTCs backed by personal loan receivables issued by VED TRUST PTC JULY 2025

24 Dec 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings reaffirmed for securitisation notes issued under mortgage loan securitisation transactions

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Ratings reaffirmed for securitisation notes issued under mortgage loan securitisation transactions

26 Nov 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Phoenix Trust PTC Oct 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Phoenix Trust PTC Oct 2025

08 Oct 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Rating reaffirmed for PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

30 Sep 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AA+(SO) assigned to SNs backed by personal loan receivables issued by NEXA TRUST SEPT 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AA+(SO) assigned to SNs backed by personal loan receivables issued by NEXA TRUST SEPT 2025

29 Sep 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Naman Trust PTC Sept 2025