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Entity-Specific Rating Rationales

29 May 2026

Unity Small Finance Bank Limited: Rating placed on Watch with Negative Implications for SNs backed by secured LAP loan receivables issued by Orion Series 1

Unity Small Finance Bank Limited: Rating placed on Watch with Negative Implications for SNs backed by secured LAP loan receivables issued by Orion Series 1

29 Sep 2025

Unity Small Finance Bank Limited: Rating reaffirmed for PTCs backed by secured LAP loan receivables issued by Marathon

Unity Small Finance Bank Limited: Rating reaffirmed for PTCs backed by secured LAP loan receivables issued by Marathon

20 Jun 2025

Unity Small Finance Bank Limited: Ratings withdrawn for Bank Facility and Reaffirmed for Issuer Rating

Unity Small Finance Bank Limited: Ratings withdrawn for Bank Facility and Reaffirmed for Issuer Rating

15 May 2025

Unity Small Finance Bank Limited: Rating confirmed as final for SNs backed by secured LAP loan receivables issued by Orion Series 1

Unity Small Finance Bank Limited: Rating confirmed as final for SNs backed by secured LAP loan receivables issued by Orion Series 1

27 Nov 2024

Unity Small Finance Bank Limited: Provisional [ICRA]AA(SO) assigned to Series A1 SNs issued by Orion Series 1, backed by a pool of secured LAP receivables

Unity Small Finance Bank Limited: Provisional [ICRA]AA(SO) assigned to Series A1 SNs issued by Orion Series 1, backed by a pool of secured LAP receivables

27 Sep 2024

Unity Small Finance Bank Limited: Rating reaffirmed for PTCs backed by secured LAP loan receivables issued by Marathon

Unity Small Finance Bank Limited: Rating reaffirmed for PTCs backed by secured LAP loan receivables issued by Marathon

21 Jun 2024

Unity Small Finance Bank Limited: Long-term rating upgraded to [ICRA]A (Stable)

Unity Small Finance Bank Limited: Long-term rating upgraded to [ICRA]A (Stable)

25 Sep 2023

Unity Small Finance Bank Limited: Rating confirmed as final for PTCs backed by secured LAP receivables issued by Marathon

Unity Small Finance Bank Limited: Rating confirmed as final for PTCs backed by secured LAP receivables issued by Marathon

02 Aug 2023

Unity Small Finance Bank Limited: Ratings reaffirmed; Ratings withdrawn for matured/redeemed instruments

Unity Small Finance Bank Limited: Ratings reaffirmed; Ratings withdrawn for matured/redeemed instruments

18 Jul 2023

Unity Small Finance Bank Limited: Provisional [ICRA]AA-(SO) assigned to Series A1 PTC backed by secured LAP receivables issued by Marathon

Unity Small Finance Bank Limited: Provisional [ICRA]AA-(SO) assigned to Series A1 PTC backed by secured LAP receivables issued by Marathon

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Entity-Specific Credit Perspective Reports

29 Jul 2025

Unity Small Finance Bank Limited

Unity Small Finance Bank Limited (Non-SF)

09 Dec 2024

Unity Small Finance Bank Limited

Unity Small Finance Bank Limited (SF)

24 Jul 2024

Unity Small Finance Bank Limited

Unity Small Finance Bank Limited (Non-SF)

12 Sep 2023

Unity Small Finance Bank Limited

Unity Small Finance Bank Limited (Non-SF)

24 Jul 2023

Unity Small Finance Bank Limited

Unity Small Finance Bank Limited (SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1 SNs -- -- [ICRA]AA(SO) Rating Watch with Negative Implications --
Series A1 PTC -- -- [ICRA]AA-(SO) --
Fund Based -- -- Withdrawn --
Issuer rating -- -- [ICRA]A(Stable) --
Long term/Short term - Fund based Withdrawn -- Withdrawn --
Certificates of Deposit Withdrawn -- -- --
Non-Convertible Debenture -- -- Withdrawn --
Commercial Paper * -- -- --

Our Analysts

Analyst 1

Nikita Garg

Analyst 2

Sachin Sachdeva

Sector Head

Karthik Srinivasan
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