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Entity-Specific Rating Rationales

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

06 Jun 2024

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

27 Mar 2024

Northern Arc Capital Limited: Ratings reaffirmed/assigned for enhanced limits

Northern Arc Capital Limited: Ratings reaffirmed/assigned for enhanced limits

08 Jan 2024

Northern Arc Capital Limited: Change in limits

Northern Arc Capital Limited: Change in limits

10 Nov 2023

Northern Arc Capital Limited: Ratings withdrawn for loan given under Northern Arc P.L.I. XV transaction

Northern Arc Capital Limited: Ratings withdrawn for loan given under Northern Arc P.L.I. XV transaction


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Entity-Specific Credit Perspective Reports

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
Series A1 PTC -- -- Provisional [ICRA]AA+(SO) --
Equity PTC -- -- Provisional [ICRA]A+(SO) --
Non-Convertible Debentures -- -- [ICRA]AA-(Stable) --
Commercial Paper [ICRA]A1+ -- -- --
Long term/ Short Term Bank Facilities [ICRA]A1+ -- [ICRA]AA-(Stable) --
Market Linked Debenture -- -- Withdrawn --
Subordinated Debt -- -- Withdrawn --
Northern Arc P.L.I. XIV -- -- Withdrawn --
Northern Arc P.L.I. XV -- -- Withdrawn --
Northern Arc P.L.I. XV -- -- Withdrawn --

Our Analysts

Analyst 1

Sheetal Nayak

Analyst 2

Sumit Pramanik

Sector Head

Manushree Sagar
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