ICRA An Affiliate of Moody's

Entity-Specific Rating Rationales

05 Nov 2025

JM Financial Services Limited: [ICRA]AA (Stable) assigned to fresh NCD programme; ratings reaffirmed and rating withdrawn for matured instrument

03 Jan 2025

JM Financial Services Limited: Ratings reaffirmed

15 Jul 2024

JM Financial Services Limited: Update on Material Event

05 Jul 2024

JM Financial Services Limited: [ICRA]AA (Stable) assigned to NCD programme; Ratings reaffirmed

14 Mar 2024

JM Financial Services Limited: Update on Material Event

12 Feb 2024

JM Financial Services Limited: Ratings reaffirmed and rated amount enhanced

20 Oct 2023

JM Financial Services Limited: Ratings reaffirmed and rated amount enhanced

19 Jan 2023

JM Financial Services Limited: [ICRA]AA (Stable) assigned for non-convertible debenture programme; ratings reaffirmed for existing limit

04 Feb 2025

JM Financial Services Limited

JM Financial Services Limited (Non-SF)

20 Nov 2023

JM Financial Services Limited

JM Financial Services Limited (Non-SF)

03 Jan 2023

JM Financial Services Limited

JM Financial Services Limited (Non-SF)

Ratings

Description	Short Term	Medium Term	Long Term	Issuer
Non Convertible Debenture	--	--	[ICRA]AA(Stable)	--
Long-term fund-based/non-fund based bank lines	--	--	[ICRA]AA(Stable)	--
Commercial Paper	[ICRA]A1+	--	--	--
Principal Protected Market Linked Debentures	--	--	[ICRA]AA (Stable)PP-MLD	--

Our Analysts