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Entity-Specific Rating Rationales

05 Jan 2026

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance loan receivables securitisation transaction

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance loan receivables securitisation transaction

05 Jan 2026

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

31 Dec 2025

SATYA MicroCapital Ltd.: Rating downgraded to [ICRA]BB, removed from Rating Watch with Negative Implications and Negative outlook assigned

SATYA MicroCapital Ltd.: Rating downgraded to [ICRA]BB, removed from Rating Watch with Negative Implications and Negative outlook assigned

08 Dec 2025

Satya MicroCapital Ltd.: Rating withdrawn for PTCs issued under a pool of microfinance and unsecured SME loan receivables securitisation transaction

Satya MicroCapital Ltd.: Rating withdrawn for PTCs issued under a pool of microfinance and unsecured SME loan receivables securitisation transaction

21 Nov 2025

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

21 Nov 2025

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance loan receivables securitisation transaction

Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance loan receivables securitisation transaction

20 Nov 2025

SATYA MicroCapital Ltd.: Ratings downgraded to [ICRA]BBB- and put on Rating Watch with Negative Implications

SATYA MicroCapital Ltd.: Ratings downgraded to [ICRA]BBB- and put on Rating Watch with Negative Implications

24 Sep 2025

Satya MicroCapital Ltd.: Ratings placed on Watch with Negative Implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

Satya MicroCapital Ltd.: Ratings placed on Watch with Negative Implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

24 Sep 2025

Satya MicroCapital Ltd.: Rating placed on Watch with Negative Implications for PTCs issued under microfinance loan receivables securitisation transaction

Satya MicroCapital Ltd.: Rating placed on Watch with Negative Implications for PTCs issued under microfinance loan receivables securitisation transaction

01 Sep 2025

SATYA MicroCapital Ltd.: Rating downgraded to [ICRA]BBB and outlook revised to Negative from Stable; rating withdrawn for matured subordinated debt

SATYA MicroCapital Ltd.: Rating downgraded to [ICRA]BBB and outlook revised to Negative from Stable; rating withdrawn for matured subordinated debt


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Entity-Specific Credit Perspective Reports

08 Jul 2025

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (SF)

24 Apr 2025

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (Non-SF)

10 Apr 2025

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (SF)

29 Apr 2024

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (Non-SF)

21 Jun 2023

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (Non-SF)

14 Jun 2023

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
PTC Series A1b -- -- [ICRA]BB+(SO) Rating Watch with Negative Implications --
PTC Series A2 -- -- [ICRA]BB(SO) Rating Watch with Negative Implications --
PTC Series A1a -- -- [ICRA]BBB+(SO) Rating Watch with Negative Implications --
PTC Series A1b -- -- [ICRA]BB+(SO) Rating Watch with Negative Implications --
PTC Series A2 -- -- [ICRA]BB(SO) Rating Watch with Negative Implications --
Non Convertible Debenture -- -- [ICRA]BB(Negative) --
Long term-others-fund based -- -- [ICRA]BB(Negative) --
Subordinated Debt -- -- [ICRA]BB(Negative) --
PTC Series A1a -- -- Withdrawn --
Market Linked Debenture -- -- Withdrawn --

Our Analysts

Analyst 1

Pratik Vora

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Sagar
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