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Entity-Specific Rating Rationales

20 Apr 2026

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Kaveri 03 2025

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Kaveri 03 2025

10 Apr 2026

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Aster 12 2025

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Aster 12 2025

10 Apr 2026

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Falcon 12 2025

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Falcon 12 2025

10 Apr 2026

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Coral 12 2025

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Coral 12 2025

31 Mar 2026

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 issued by Vega 03 2026, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 issued by Vega 03 2026, backed by a pool of microfinance loans

23 Mar 2026

Spandana Sphoorty Financial Limited: Rating upgraded for PTCs issued under microfinance loan receivables securitisation transaction

Spandana Sphoorty Financial Limited: Rating upgraded for PTCs issued under microfinance loan receivables securitisation transaction

23 Mar 2026

Spandana Sphoorty Financial Limited: Provisional ratings assigned to PTCs backed by a pool of microfinance loan receivables

Spandana Sphoorty Financial Limited: Provisional ratings assigned to PTCs backed by a pool of microfinance loan receivables

16 Feb 2026

Spandana Sphoorty Financial Limited: Rating reaffirmed for PTCs issued under microfinance loan receivables securitisation transaction

Spandana Sphoorty Financial Limited: Rating reaffirmed for PTCs issued under microfinance loan receivables securitisation transaction

19 Jan 2026

Spandana Sphoorty Financial Limited: Rating reaffirmed for PTCs issued under microfinance loan receivables securitisation transaction

Spandana Sphoorty Financial Limited: Rating reaffirmed for PTCs issued under microfinance loan receivables securitisation transaction

19 Jan 2026

Spandana Sphoorty Financial Limited: Rating reaffirmed for PTCs issued under microfinance loan receivables securitisation transaction

Spandana Sphoorty Financial Limited: Rating reaffirmed for PTCs issued under microfinance loan receivables securitisation transaction


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Entity-Specific Credit Perspective Reports

02 Apr 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

23 Mar 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

14 Jan 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (Non-SF)

08 Jan 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

08 Jan 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

08 Jan 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

08 Jan 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

07 Oct 2025

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

19 Aug 2025

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

13 Feb 2025

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)


Ratings

Description
Short Term
Medium Term
Long Term
Issuer
PTC Series A1 -- -- [ICRA]AA-(SO) --
PTC Series A -- -- [ICRA]AA-(SO) --
PTC Series A1 -- -- [ICRA]AA-(SO) --
PTC Series A1 -- -- [ICRA]A+(SO) --
PTC Series A1 -- -- Provisional [ICRA]AA-(SO) --
PTC Series A1b -- -- Provisional [ICRA]A(SO) --
PTC Series A1a -- -- Provisional [ICRA]AA(SO) --
PTC Series A1 -- -- [ICRA]AA+(SO) --
PTC Series A1 -- -- [ICRA]AA-(SO) --
PTC Series A1 -- -- [ICRA]AA+(SO) --

Our Analysts

Analyst 1

Vishal Oza 2

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Saggar
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