ICRA An Affiliate of Moody's

Entity-Specific Rating Rationales

26 Feb 2026

TVS Credit Services Limited: Ratings reaffirmed

04 Mar 2025

TVS Credit Services Limited: Long-term Ratings upgraded and short-term Rating reaffirmed; outlook revised to Stable

26 Jun 2024

TVS Credit Services Limited: Ratings reaffirmed and rated amount enhanced; Outlook revised to Positive

20 Feb 2024

TVS Credit Services Limited: Change in limits

13 Dec 2023

TVS Credit Services Limited: Ratings reaffirmed; rating assigned for subordinated debt

06 Dec 2023

TVS Credit Services Limited: Ratings reaffirmed; rated amount enhanced

21 Jul 2023

TVS Credit Services Limited: Ratings reaffirmed; rated amount enhanced

18 May 2023

TVS Credit Services Limited: Change in limits

07 Apr 2026

TVS Credit Services Limited

TVS Credit Services Limited (Non-SF)

01 Apr 2025

TVS Credit Services Limited

TVS Credit Services Limited (Non-SF)

23 Jul 2024

TVS Credit Services Limited

TVS Credit Services Limited (Non-SF)

18 Aug 2023

TVS Credit Services Limited

TVS Credit Services Limited (Non-SF)

Description	Short Term	Medium Term	Long Term	Issuer
Commercial Paper	[ICRA]A1+	--	--	--
Perpetual Debt	--	--	[ICRA]AA(Stable)	--
Long-term/Short-term – Fund-based – Others	[ICRA]A1+	--	[ICRA]AA+(Stable)	--
Subordinated bonds/debt	--	--	[ICRA]AA+(Stable)	--
Silver Trust Mar-18 PTC Series A	--	--	*	--
Silver Trust Mar-18 Second Loss Facility	--	--	*	--
Silver Trust Feb-17 PTC Series A	--	--	*	--
Silver Trust Feb-17 Second Loss Facility	--	--	*	--
Silver Trust July 2016 PTCs	--	--	*	--
Silver Trust July 2016 Second Loss FacilitySecond Loss Facility	--	--	*	--