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Entity-Specific Rating Rationales

12 Jan 2026

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited): [ICRA]AAA (Stable) assigned to NCD programme; ratings reaffirmed and rated amount enhanced for commercial paper

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited): [ICRA]AAA (Stable) assigned to NCD programme; ratings reaffirmed and rated amount enhanced for commercial paper

07 Jan 2026

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited): [ICRA]A+(SO) assigned to PTCs backed by lease rental receivables issued by NOVA TRUST JUNE 2025

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited): [ICRA]A+(SO) assigned to PTCs backed by lease rental receivables issued by NOVA TRUST JUNE 2025

24 Sep 2025

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited): [ICRA]AAA (Stable) assigned to NCD programme; ratings reaffirmed

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited): [ICRA]AAA (Stable) assigned to NCD programme; ratings reaffirmed

08 May 2025

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited): long-term rating upgraded to [ICRA]AAA (Stable); short-term rating reaffirmed

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited): long-term rating upgraded to [ICRA]AAA (Stable); short-term rating reaffirmed

14 Mar 2025

Capsave Finance Private Limited: [ICRA]AA+(Stable) assigned for fresh NCDs, and Ratings reaffirmed for remaining instruments

Capsave Finance Private Limited: [ICRA]AA+(Stable) assigned for fresh NCDs, and Ratings reaffirmed for remaining instruments

24 Sep 2024

Capsave Finance Private Limited: Ratings reaffirmed

Capsave Finance Private Limited: Ratings reaffirmed

09 Sep 2024

Capsave Finance Private Limited – Update on Material Event

Capsave Finance Private Limited – Update on Material Event

13 Oct 2023

Capsave Finance Private Limited: [ICRA]AA+ (Stable) assigned for NCD and Rating reaffirmed

Capsave Finance Private Limited: [ICRA]AA+ (Stable) assigned for NCD and Rating reaffirmed

29 Sep 2023

Capsave Finance Private Limited: [ICRA]A1+ assigned

Capsave Finance Private Limited: [ICRA]A1+ assigned

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Entity-Specific Credit Perspective Reports

14 Jan 2026

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited)

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited) (SF)

23 Oct 2024

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited)

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited) (Non-SF)

03 Nov 2023

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited)

Mizuho Capsave Finance Private Limited (erstwhile Capsave Finance Private Limited) (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Commercial Paper [ICRA]A1+ -- -- --
Non-Convertible Debentures -- -- [ICRA]AAA(Stable) --
Series A1 PTCs -- -- [ICRA]A+(SO) --
Bank Line -- -- * --

Our Analysts

Analyst 1

Mrugesh Trivedi

Analyst 2

Anubhav Agrawal

Sector Head

Manushree Sagar
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