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Entity-Specific Rating Rationales

30 Oct 2025

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Bournville 06 2025

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Bournville 06 2025

25 Sep 2025

Satin Finserv Limited: Rating assigned/reaffirmed; rating reaffirmed and simultaneously withdrawn for matured NCDs

Satin Finserv Limited: Rating assigned/reaffirmed; rating reaffirmed and simultaneously withdrawn for matured NCDs

01 Sep 2025

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Horizon 2025

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Horizon 2025

03 Jul 2025

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC and Provisional [ICRA]BBB+(SO) assigned to Equity Tranche backed by secured business loan receivables issued by Bournville 06 2025

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC and Provisional [ICRA]BBB+(SO) assigned to Equity Tranche backed by secured business loan receivables issued by Bournville 06 2025

05 Jun 2025

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC and Provisional [ICRA]BBB+(SO) assigned to Series A2 PTC, backed by secured business loan receivables issued by Horizon 2025

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC and Provisional [ICRA]BBB+(SO) assigned to Series A2 PTC, backed by secured business loan receivables issued by Horizon 2025

21 May 2025

Satin Finserv Limited: Ratings confirmed as final for PTCs backed by secured business loan receivables issued by Yoda 2025

Satin Finserv Limited: Ratings confirmed as final for PTCs backed by secured business loan receivables issued by Yoda 2025

07 May 2025

Satin Finserv Limited: Ratings confirmed as final for PTCs backed by secured business loan receivables issued by Lunify 2025

Satin Finserv Limited: Ratings confirmed as final for PTCs backed by secured business loan receivables issued by Lunify 2025

17 Apr 2025

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Butterfly 12 2024

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Butterfly 12 2024

17 Apr 2025

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Bluestreak 12 2024

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Bluestreak 12 2024

27 Mar 2025

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC and Provisional [ICRA]BBB+(SO) assigned to Series A2 PTC, backed by secured business loan receivables issued by Lunify 2025

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC and Provisional [ICRA]BBB+(SO) assigned to Series A2 PTC, backed by secured business loan receivables issued by Lunify 2025


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Entity-Specific Credit Perspective Reports

07 Jul 2025

Satin Finserv Limited

Satin Finserv Limited (SF)

11 Jun 2025

Satin Finserv Limited

Satin Finserv Limited (Non-SF)

27 Mar 2025

Satin Finserv Limited

Satin Finserv Limited (SF)

03 Mar 2025

Satin Finserv Limited

Satin Finserv Limited (SF)

17 Jan 2025

Satin Finserv Limited

Satin Finserv Limited (Non-SF)

31 Dec 2024

Satin Finserv Limited

Satin Finserv Limited (SF)

31 Dec 2024

Satin Finserv Limited

Satin Finserv Limited (SF)

01 Apr 2024

Satin Finserv Limited

Satin Finserv Limited (SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1 PTC -- -- [ICRA]A(SO) --
Equity tranche -- -- [ICRA]BBB+(SO) --
Non Convertible Debenture -- -- [ICRA]A-(Stable) --
Series A1 PTC -- -- [ICRA]A(SO) --
Series A2 PTC -- -- [ICRA]BBB+(SO) --
Series A1 PTC -- -- [ICRA]A(SO) --
Series A2 PTC -- -- [ICRA]BBB+(SO) --
Series A1 PTC -- -- [ICRA]A(SO) --
Series A2 PTC -- -- [ICRA]BBB+(SO) --
Series A1 PTC -- -- [ICRA]A(SO) --

Our Analysts

Analyst 1

Swapnali Chavan

Analyst 2

Sumit Pramanik

Sector Head

Manushree Sagar
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