ICRA An Affiliate of Moody's

Entity-Specific Rating Rationales

25 Nov 2025

Muthoot Capital Services Limited: Provisional [ICRA]AA+(CE) (Stable) assigned; rating reaffirmed

14 Oct 2025

Muthoot Capital Services Limited: Ratings reaffirmed for PTCs issued under two-wheeler loan securitisation transaction

11 Sep 2025

Muthoot Capital Services Limited: Ratings confirmed as final for PTCs backed by pool of two-wheeler loans receivables issued by Summit 2025

25 Jun 2025

Muthoot Capital Services Limited: Provisional ratings assigned to PTCs backed by a pool of two-wheeler loans receivables

17 Feb 2025

Muthoot Capital Services Limited: [ICRA]A+ (Stable) assigned

28 Nov 2024

Muthoot Capital Services Limited: Ratings confirmed as final for PTCs backed by pool of two-wheeler loans receivables issued by Azalea 2024

18 Oct 2024

Muthoot Capital Services Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A1a and Provisional [ICRA]A(SO) assigned to PTC Series A1b issued by Azalea 2024, backed by a pool of two-wheeler loans

Entity-Specific Credit Perspective Reports

30 Dec 2025

Muthoot Capital Services Limited

Muthoot Capital Services Limited (Non-SF)

01 Jul 2025

Muthoot Capital Services Limited

Muthoot Capital Services Limited (SF)

17 Mar 2025

Muthoot Capital Services Limited

Muthoot Capital Services Limited (Non-SF)

18 Oct 2024

Muthoot Capital Services Limited

Muthoot Capital Services Limited (SF)

Ratings

Description	Short Term	Medium Term	Long Term	Issuer
NCDs	--	--	Provisional [ICRA]AA+(CE) (Stable)	--
PTC Series A1a	--	--	[ICRA]AAA(SO)	--
PTC Series A1a	--	--	[ICRA]AAA(SO)	--
PTC Series A1b	--	--	[ICRA]A(SO)	--
PTC Series A2	--	--	[ICRA]BBB+(SO)	--
Non Convertible Debenture	--	--	[ICRA]A+(Stable)	--
PTC Series A1b	--	--	[ICRA]A(SO)	--
Turaco IFMR Capital 2017 PTC Series A1	--	--	Withdrawn	--
Turaco IFMR Capital 2017 PTC Series A2	--	--	Withdrawn	--
Bran CV IFMR Capital 2017 PTC Series A1	--	--	Withdrawn	--

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