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Entity-Specific Rating Rationales

10 Mar 2026

Northern Arc Capital Limited: Provisional ratings assigned to PTCs backed by consumer finance loan receivables (originated under co-lending partnerships) issued by Rudra Securitisation Trust 7

Northern Arc Capital Limited: Provisional ratings assigned to PTCs backed by consumer finance loan receivables (originated under co-lending partnerships) issued by Rudra Securitisation Trust 7

31 Dec 2025

Northern Arc Capital Limited: Provisional ratings assigned to PTCs backed by consumer finance loan receivables (originated under co-lending partnerships) issued by Rudra Securitisation Trust 6

Northern Arc Capital Limited: Provisional ratings assigned to PTCs backed by consumer finance loan receivables (originated under co-lending partnerships) issued by Rudra Securitisation Trust 6

29 Dec 2025

Northern Arc Capital Limited: [ICRA]AA- (Stable) assigned to fresh NCDs; BLR limits enhanced

Northern Arc Capital Limited: [ICRA]AA- (Stable) assigned to fresh NCDs; BLR limits enhanced

04 Dec 2025

Northern Arc Capital Limited: Provisional ratings assigned to PTCs backed by consumer finance loan receivables (originated under co-lending partnerships) issued by Rudra Securitisation Trust V

Northern Arc Capital Limited: Provisional ratings assigned to PTCs backed by consumer finance loan receivables (originated under co-lending partnerships) issued by Rudra Securitisation Trust V

30 Sep 2025

Northern Arc Capital Limited: Provisional ratings assigned to PTCs backed by consumer finance loan receivables (originated under co-lending partnerships) issued by Rudra Securitisation Trust IV

Northern Arc Capital Limited: Provisional ratings assigned to PTCs backed by consumer finance loan receivables (originated under co-lending partnerships) issued by Rudra Securitisation Trust IV

15 Sep 2025

Northern Arc Capital Limited: [ICRA]AA- (Stable) assigned to fresh NCDs; ratings reaffirmed

Northern Arc Capital Limited: [ICRA]AA- (Stable) assigned to fresh NCDs; ratings reaffirmed

18 Jun 2025

Northern Arc Capital Limited: Rating reaffirmed for PTCs issued under securitisation transaction by multiple originators and arranged by Northern Arc Capital Limited

Northern Arc Capital Limited: Rating reaffirmed for PTCs issued under securitisation transaction by multiple originators and arranged by Northern Arc Capital Limited

31 Mar 2025

Northern Arc Capital Limited: Ratings reaffirmed; rated amount enhanced

Northern Arc Capital Limited: Ratings reaffirmed; rated amount enhanced

19 Jul 2024

Northern Arc Capital Limited: Ratings reaffirmed; rated amount enhanced

Northern Arc Capital Limited: Ratings reaffirmed; rated amount enhanced

27 Jun 2024

Northern Arc Capital Limited: Rating reaffirmed for PTCs issued under securitisation transaction by multiple originators and arranged by Northern Arc Capital Limited

Northern Arc Capital Limited: Rating reaffirmed for PTCs issued under securitisation transaction by multiple originators and arranged by Northern Arc Capital Limited


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Entity-Specific Credit Perspective Reports

19 Mar 2026

Northern Arc Capital Limited

Northern Arc Capital Limited (SF)

07 Jan 2026

Northern Arc Capital Limited

Northern Arc Capital Limited (SF)

10 Dec 2025

Northern Arc Capital Limited

Northern Arc Capital Limited (SF)

15 Oct 2025

Northern Arc Capital Limited

Northern Arc Capital Limited (SF)

30 Apr 2025

Northern Arc Capital Limited

Northern Arc Capital Limited (Non-SF)

28 Jul 2023

Northern Arc Capital Limited

Northern Arc Capital Limited (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Equity PTC -- -- Provisional [ICRA]A+(SO) --
Series A1 PTC -- -- Provisional [ICRA]AA+(SO) --
Series A1 PTC -- -- Provisional [ICRA]AA+(SO) --
Equity PTC -- -- Provisional [ICRA]A+(SO) --
Non-Convertible Debentures -- -- [ICRA]AA-(Stable) --
Long term/ Short Term Bank Facilities [ICRA]A1+ -- [ICRA]AA-(Stable) --
Series A1 PTC -- -- Provisional [ICRA]AA+(SO) --
Equity PTC -- -- Provisional [ICRA]A+(SO) --
Series A1 PTC -- -- Provisional [ICRA]AA+(SO) --
Equity PTC -- -- Provisional [ICRA]A+(SO) --

Our Analysts

Analyst 1

Sheetal Nayak

Analyst 2

Sumit Pramanik

Sector Head

Manushree Saggar
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