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Entity-Specific Rating Rationales

06 Aug 2025

Satya MicroCapital Ltd.: Ratings confirmed as final for PTCs backed by a pool of microfinance receivables issued by Harbor 2025

Satya MicroCapital Ltd.: Ratings confirmed as final for PTCs backed by a pool of microfinance receivables issued by Harbor 2025

04 Jul 2025

Satya MicroCapital Ltd.: Provisional ratings assigned to PTCs backed by a pool of microfinance loan receivables

Satya MicroCapital Ltd.: Provisional ratings assigned to PTCs backed by a pool of microfinance loan receivables

19 May 2025

Satya MicroCapital Ltd.: Ratings confirmed as final for PTCs backed by a pool of microfinance and unsecured SME loan receivables issued by Vanguard 2025

Satya MicroCapital Ltd.: Ratings confirmed as final for PTCs backed by a pool of microfinance and unsecured SME loan receivables issued by Vanguard 2025

09 Apr 2025

SATYA MicroCapital Ltd.: Rating withdrawn for Rs. 78.20-crore debt programme

SATYA MicroCapital Ltd.: Rating withdrawn for Rs. 78.20-crore debt programme

04 Apr 2025

Satya MicroCapital Ltd.: Provisional assigned to PTCs backed by a pool of microfinance and unsecured SME loan receivables

Satya MicroCapital Ltd.: Provisional assigned to PTCs backed by a pool of microfinance and unsecured SME loan receivables

01 Apr 2025

SATYA MicroCapital Ltd.: Rating reaffirmed

SATYA MicroCapital Ltd.: Rating reaffirmed

14 Nov 2024

Satya MicroCapital Ltd.: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

Satya MicroCapital Ltd.: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

25 Jun 2024

SATYA MicroCapital Ltd.: [ICRA]BBB+ (Stable) assigned to Rs. 50-crore NCD programme

SATYA MicroCapital Ltd.: [ICRA]BBB+ (Stable) assigned to Rs. 50-crore NCD programme

17 Jun 2024

Satya MicroCapital Ltd.: Rating withdrawn for PTC backed by microfinance loan receivables securitisation transaction

Satya MicroCapital Ltd.: Rating withdrawn for PTC backed by microfinance loan receivables securitisation transaction

14 May 2024

SATYA MicroCapital Ltd.: Rating withdrawn for Rs. 25-crore NCD programme

SATYA MicroCapital Ltd.: Rating withdrawn for Rs. 25-crore NCD programme


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Entity-Specific Credit Perspective Reports

08 Jul 2025

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (SF)

24 Apr 2025

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (Non-SF)

10 Apr 2025

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (SF)

29 Apr 2024

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (Non-SF)

21 Jun 2023

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (Non-SF)

14 Jun 2023

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (SF)

03 Oct 2022

Satya MicroCapital Ltd.

Satya MicroCapital Ltd. (SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
PTC Series A1a -- -- [ICRA]AA(SO) --
PTC Series A1b -- -- [ICRA]A-(SO) --
PTC Series A2 -- -- [ICRA]BBB+(SO) --
PTC Series A1a -- -- [ICRA]AA(SO) --
PTC Series A1b -- -- [ICRA]A-(SO) --
PTC Series A2 -- -- [ICRA]BBB+(SO) --
Bonds/NCD/LTD -- -- [ICRA]BBB+(Stable) --
Market Linked Debenture -- -- Withdrawn --
Subordinated Debt -- -- [ICRA]BBB+(Stable) --
PTC Series A1 -- -- Withdrawn --

Our Analysts

Analyst 1

Pratik Vora

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Sagar
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