ICRA An Affiliate of Moody's

Entity-Specific Rating Rationales

17 Dec 2025

ECL Finance Limited: Ratings reaffirmed

28 Oct 2025

ECL Finance Limited: [ICRA]A+ (Stable) assigned to NCD, retail NCD and subordinated debt and ratings reaffirmed for existing limits; rated amount enhanced for bank lines and rating withdrawn for matured instruments

24 Dec 2024

ECL Finance Limited: Ratings reaffirmed, Removed from Rating Watch with Negative Implications, and Stable outlook assigned on long term ratings; rated amount reduced

06 Jun 2024

ECL Finance Limited: Update on material event

09 May 2024

ECL Finance Limited: Ratings withdrawn for matured instruments

16 Apr 2024

ECL Finance Limited: Rating withdrawn for PTCs backed by unsecured business loan receivables securitisation transaction

28 Dec 2023

ECL Finance Limited: Placed on rating watch with negative implications

24 Nov 2023

ECL Finance Limited: Rating actions for PTCs backed by unsecured business loan receivables securitisation transactions

22 Jun 2023

ECL Finance Limited: Ratings reaffirmed

Entity-Specific Credit Perspective Reports

16 Jan 2026

ECL Finance Limited

ECL Finance Limited (Non-SF)

21 Jan 2025

ECL Finance Limited

ECL Finance Limited (Non-SF)

03 Aug 2023

ECL Finance Limited

ECL Finance Limited (Non-SF)

Ratings

Description	Short Term	Medium Term	Long Term	Issuer
Subordinated Debt	--	--	[ICRA]A+(Stable)	--
Long-term / Short-term Fund-based Bank Lines	[ICRA]A1	--	[ICRA]A+(Stable)	--
Non-Convertible Debenture	--	--	[ICRA]A+(Stable)	--
Retail Non-Convertible Debenture	--	--	[ICRA]A+(Stable)	--
Principal Protected Market Linked Debenture Programme (Unsecured and Subordinated)	--	--	Withdrawn	--
Series A1 PTC	--	--	Withdrawn	--
PTC Series A1	--	--	Withdrawn	--
PTC Series A1	--	--	Withdrawn	--
PTC Series A1	--	--	Withdrawn	--
Non-Convertible Debenture programme	--	--	*	--

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