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Entity-Specific Rating Rationales

03 Oct 2025

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 and Provisional [ICRA]A-(SO) assigned to PTC Series A2 issued by Pueblo 09 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 and Provisional [ICRA]A-(SO) assigned to PTC Series A2 issued by Pueblo 09 2025, backed by a pool of microfinance loans

29 Sep 2025

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

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

11 Sep 2025

Spandana Sphoorty Financial Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

Spandana Sphoorty Financial Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

26 Aug 2025

Spandana Sphoorty Financial Limited: Rating downgraded to [ICRA]BBB+ (Negative)

Spandana Sphoorty Financial Limited: Rating downgraded to [ICRA]BBB+ (Negative)

18 Aug 2025

Spandana Sphoorty Financial Limited: Provisional [ICRA]A+(SO) assigned to PTC Series A1 issued by Jupiter 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]A+(SO) assigned to PTC Series A1 issued by Jupiter 2025, backed by a pool of microfinance loans

22 Jul 2025

Spandana Sphoorty Financial Limited: Ratings withdrawn for PTCs issued under a microfinance loan securitisation transaction

Spandana Sphoorty Financial Limited: Ratings withdrawn for PTCs issued under a microfinance loan securitisation transaction

11 Jun 2025

Spandana Sphoorty Financial Limited: Rating downgraded to [ICRA]A- (Negative)

Spandana Sphoorty Financial Limited: Rating downgraded to [ICRA]A- (Negative)

14 Apr 2025

Spandana Sphoorty Financial Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

Spandana Sphoorty Financial Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

10 Mar 2025

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Lexus 01 2025

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Lexus 01 2025

20 Feb 2025

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

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


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Entity-Specific Credit Perspective Reports

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)

31 Jan 2025

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

03 Jan 2025

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

03 Dec 2024

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

09 Sep 2024

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

16 Aug 2024

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (Non-SF)

15 Feb 2024

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (Non-SF)

08 Jun 2023

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)


Ratings

Description
Short Term
Medium Term
Long Term
Issuer
PTC Series A1 -- -- Provisional [ICRA]AA- (SO) --
PTC Series A2 -- -- Provisional [ICRA]A- (SO) --
PTC Series A1 -- -- [ICRA]A+(SO) --
PTC Series A1 -- -- Withdrawn --
Term Loan -- -- [ICRA]BBB+(Negative) --
Non-Convertible Debentures -- -- [ICRA]BBB+(Negative) --
PTC Series A1(a) -- -- Withdrawn --
PTC Series A1(b) -- -- Withdrawn --
PTC Series A1(b) -- -- Withdrawn --
PTC Series A1 -- -- [ICRA]AA-(SO) --

Our Analysts

Analyst 1

Vishal Oza

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Sagar
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