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Entity-Specific Rating Rationales

04 Feb 2026

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by Unicorn 01 2026

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by Unicorn 01 2026

07 Jan 2026

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by Charon 12 2025

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by Charon 12 2025

16 Dec 2025

Midland Microfin Limited: Ratings confirmed as final for PTCs backed by microfinance loan receivables issued by Newton 08 2025

Midland Microfin Limited: Ratings confirmed as final for PTCs backed by microfinance loan receivables issued by Newton 08 2025

25 Nov 2025

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by River Rock 11 2025

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by River Rock 11 2025

03 Nov 2025

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Adhira 07 2025

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Adhira 07 2025

29 Sep 2025

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by Eris 09 2025

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by Eris 09 2025

25 Aug 2025

Midland Microfin Limited: Provisional ratings assigned to PTCs backed by microfinance loan receivables issued by Newton 08 2025

Midland Microfin Limited: Provisional ratings assigned to PTCs backed by microfinance loan receivables issued by Newton 08 2025

29 Jul 2025

Midland Microfin Limited: Provisional [ICRA]A+(SO) assigned to PTCs backed by microfinance loan receivables issued by Adhira 07 2025

Midland Microfin Limited: Provisional [ICRA]A+(SO) assigned to PTCs backed by microfinance loan receivables issued by Adhira 07 2025

13 Mar 2024

Midland Microfin Limited: Ratings withdrawn for PTCs backed by microfinance loan receivables securitisation transaction

Midland Microfin Limited: Ratings withdrawn for PTCs backed by microfinance loan receivables securitisation transaction

24 Nov 2023

Midland Microfin Limited: Ratings upgraded for PTCs issued under microfinance loan securitisation transaction

Midland Microfin Limited: Ratings upgraded for PTCs issued under microfinance loan securitisation transaction

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Entity-Specific Credit Perspective Reports

04 Feb 2026

Midland Microfin Limited

Midland Microfin Limited (SF)

07 Jan 2026

Midland Microfin Limited

Midland Microfin Limited (SF)

25 Nov 2025

Midland Microfin Limited

Midland Microfin Limited (SF)

30 Sep 2025

Midland Microfin Limited

Midland Microfin Limited (SF)

28 Aug 2025

Midland Microfin Limited

Midland Microfin Limited (SF)

29 Jul 2025

Midland Microfin Limited

Midland Microfin Limited (SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1 PTCs -- -- Provisional [ICRA]A+(SO) --
Series A1 PTCs -- -- Provisional [ICRA]A+ (SO) --
Series A1 PTC -- -- [ICRA]AA-(SO) --
Series A2 PTC -- -- [ICRA]A+(SO) --
Series A1 PTCs -- -- Provisional [ICRA]A (SO) --
Series A1 PTCs -- -- [ICRA]A+(SO) --
Series A1 PTC -- -- Provisional [ICRA]A+ (SO) --
PTC Series A1 -- -- Withdrawn --
PTC Series A2 -- -- Withdrawn --
PTC Series A1 -- -- Withdrawn --

Our Analysts

Analyst 1

Tina Parekh

Analyst 2

Sumit Pramanik

Sector Head

Manushree Sagar
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