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Entity-Specific Rating Rationales

05 Feb 2026

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Provisional rating assigned to PTC backed by loan against property (LAP) receivables issued by Canary 12 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Provisional rating assigned to PTC backed by loan against property (LAP) receivables issued by Canary 12 2025

19 Nov 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Provisional rating assigned to PTC backed by loan against property (LAP) receivables issued by ARVIND 10 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Provisional rating assigned to PTC backed by loan against property (LAP) receivables issued by ARVIND 10 2025

22 Sep 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating placed on Watch with Negative Implications for PTCs issued under unsecured individual business loan receivables securitisation transaction

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating placed on Watch with Negative Implications for PTCs issued under unsecured individual business loan receivables securitisation transaction

22 Sep 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating placed on Watch with Negative Implications for PTCs issued under unsecured individual business loan receivables securitisation transaction

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating placed on Watch with Negative Implications for PTCs issued under unsecured individual business loan receivables securitisation transaction

26 Aug 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating downgraded to [ICRA]BBB (Negative)

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating downgraded to [ICRA]BBB (Negative)

11 Jun 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating downgraded to [ICRA]BBB+ (Negative)

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating downgraded to [ICRA]BBB+ (Negative)

26 May 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating confirmed as final for PTCs backed by a pool of unsecured individual business loan receivables issued by Bravlo 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating confirmed as final for PTCs backed by a pool of unsecured individual business loan receivables issued by Bravlo 2025

31 Mar 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Provisional [ICRA]A-(SO) assigned to PTC Series A1 issued by Bravlo 2025, backed by a pool of unsecured individual business loans

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Provisional [ICRA]A-(SO) assigned to PTC Series A1 issued by Bravlo 2025, backed by a pool of unsecured individual business loans

18 Feb 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating confirmed as final for PTCs backed by a pool of unsecured individual business loan receivables issued by Sunrise 2024

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating confirmed as final for PTCs backed by a pool of unsecured individual business loan receivables issued by Sunrise 2024

03 Feb 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating downgraded to [ICRA]A- (Negative)

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating downgraded to [ICRA]A- (Negative)


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Entity-Specific Credit Perspective Reports

05 Feb 2026

Criss Financial Limited (erstwhile Criss Financial Holdings Limited)

Criss Financial Limited (erstwhile Criss Financial Holdings Limited) (SF)

14 Jan 2026

Criss Financial Limited (erstwhile Criss Financial Holdings Limited)

Criss Financial Limited (erstwhile Criss Financial Holdings Limited) (Non-SF)

24 Nov 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited)

Criss Financial Limited (erstwhile Criss Financial Holdings Limited) (SF)

03 Apr 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited)

Criss Financial Limited (erstwhile Criss Financial Holdings Limited) (SF)

02 Jan 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited)

Criss Financial Limited (erstwhile Criss Financial Holdings Limited) (SF)

13 Aug 2024

Criss Financial Limited (erstwhile Criss Financial Holdings Limited)

Criss Financial Limited (erstwhile Criss Financial Holdings Limited) (Non-SF)

15 Feb 2024

Criss Financial Limited (erstwhile Criss Financial Holdings Limited)

Criss Financial Limited (erstwhile Criss Financial Holdings Limited) (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
PTC Series A1 -- -- Provisional [ICRA]A+ (SO) --
PTC Series A1 -- -- Provisional [ICRA]A (SO) --
PTC Series A1 -- -- [ICRA]A-(SO) Rating Watch with Negative Implications --
PTC Series A1 -- -- [ICRA]A-(SO) Rating Watch with Negative Implications --
Term Loan -- -- [ICRA]BBB(Negative) --
Market Linked Debenture -- -- Withdrawn --

Our Analysts

Analyst 1

Arijit Datta

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Sagar
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