bg-rating-rationales

Entity-Specific Rating Rationales

02 Jan 2026

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A issued by Coral 12 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A issued by Coral 12 2025, backed by a pool of microfinance loans

02 Jan 2026

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 issued by Kaveri 03 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 issued by Kaveri 03 2025, backed by a pool of microfinance loans

30 Dec 2025

Spandana Sphoorty Financial Limited: Provisional [ICRA]A+(SO) assigned to PTC Series A1 issued by Aster 12 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]A+(SO) assigned to PTC Series A1 issued by Aster 12 2025, backed by a pool of microfinance loans

24 Dec 2025

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 issued by Falcon 12 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 issued by Falcon 12 2025, backed by a pool of microfinance loans

05 Nov 2025

Spandana Sphoorty Financial Limited: Ratings confirmed as final for PTCs backed by microfinance loan receivables issued by Pueblo 09 2025

Spandana Sphoorty Financial Limited: Ratings confirmed as final for PTCs backed by microfinance loan receivables issued by Pueblo 09 2025

03 Oct 2025

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 and Provisional [ICRA]A-(SO) assigned to PTC Series A2 issued by Pueblo 09 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 and Provisional [ICRA]A-(SO) assigned to PTC Series A2 issued by Pueblo 09 2025, backed by a pool of microfinance loans

29 Sep 2025

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Jupiter 2025

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Jupiter 2025

11 Sep 2025

Spandana Sphoorty Financial Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

Spandana Sphoorty Financial Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

26 Aug 2025

Spandana Sphoorty Financial Limited: Rating downgraded to [ICRA]BBB+ (Negative)

Spandana Sphoorty Financial Limited: Rating downgraded to [ICRA]BBB+ (Negative)

18 Aug 2025

Spandana Sphoorty Financial Limited: Provisional [ICRA]A+(SO) assigned to PTC Series A1 issued by Jupiter 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]A+(SO) assigned to PTC Series A1 issued by Jupiter 2025, backed by a pool of microfinance loans