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Entity-Specific Rating Rationales

20 Aug 2025

Arman Financial Services Limited: Rating confirmed as final for PTCs backed by unsecured MSME loan receivables issued by Haven 2025

Arman Financial Services Limited: Rating confirmed as final for PTCs backed by unsecured MSME loan receivables issued by Haven 2025

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07 Jul 2025

Arman Financial Services Limited: Provisional [ICRA]A-(SO) assigned to PTC Series A1 issued by Haven 2025, backed by a pool of unsecured MSME loan receivables

Arman Financial Services Limited: Provisional [ICRA]A-(SO) assigned to PTC Series A1 issued by Haven 2025, backed by a pool of unsecured MSME loan receivables

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23 Apr 2025

Arman Financial Services Limited: Rating confirmed as final for PTCs backed by unsecured MSME loan receivables issued by Crest 2025

Arman Financial Services Limited: Rating confirmed as final for PTCs backed by unsecured MSME loan receivables issued by Crest 2025

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31 Mar 2025

Arman Financial Services Limited: Provisional [ICRA]A(SO) assigned to PTC Series A1 issued by Crest 2025, backed by a pool of unsecured MSME loan receivables

Arman Financial Services Limited: Provisional [ICRA]A(SO) assigned to PTC Series A1 issued by Crest 2025, backed by a pool of unsecured MSME loan receivables

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Entity-Specific Credit Perspective Reports

08 Jul 2025

Arman Financial Services Limited

Arman Financial Services Limited (SF)

03 Apr 2025

Arman Financial Services Limited

Arman Financial Services Limited (SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
PTC Series A1 -- -- [ICRA]A-(SO) --
PTC Series A1 -- -- [ICRA]A(SO) --

Our Analysts

Analyst 1

Arijit Datta

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Sagar
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