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Entity-Specific Rating Rationales

02 Jan 2026

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A issued by Coral 12 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A issued by Coral 12 2025, backed by a pool of microfinance loans

02 Jan 2026

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 issued by Kaveri 03 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 issued by Kaveri 03 2025, backed by a pool of microfinance loans

30 Dec 2025

Spandana Sphoorty Financial Limited: Provisional [ICRA]A+(SO) assigned to PTC Series A1 issued by Aster 12 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]A+(SO) assigned to PTC Series A1 issued by Aster 12 2025, backed by a pool of microfinance loans

24 Dec 2025

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 issued by Falcon 12 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 issued by Falcon 12 2025, backed by a pool of microfinance loans

05 Nov 2025

Spandana Sphoorty Financial Limited: Ratings confirmed as final for PTCs backed by microfinance loan receivables issued by Pueblo 09 2025

Spandana Sphoorty Financial Limited: Ratings confirmed as final for PTCs backed by microfinance loan receivables issued by Pueblo 09 2025

03 Oct 2025

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 and Provisional [ICRA]A-(SO) assigned to PTC Series A2 issued by Pueblo 09 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]AA-(SO) assigned to PTC Series A1 and Provisional [ICRA]A-(SO) assigned to PTC Series A2 issued by Pueblo 09 2025, backed by a pool of microfinance loans

29 Sep 2025

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Jupiter 2025

Spandana Sphoorty Financial Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Jupiter 2025

11 Sep 2025

Spandana Sphoorty Financial Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

Spandana Sphoorty Financial Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

26 Aug 2025

Spandana Sphoorty Financial Limited: Rating downgraded to [ICRA]BBB+ (Negative)

Spandana Sphoorty Financial Limited: Rating downgraded to [ICRA]BBB+ (Negative)

18 Aug 2025

Spandana Sphoorty Financial Limited: Provisional [ICRA]A+(SO) assigned to PTC Series A1 issued by Jupiter 2025, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]A+(SO) assigned to PTC Series A1 issued by Jupiter 2025, backed by a pool of microfinance loans


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Entity-Specific Credit Perspective Reports

14 Jan 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (Non-SF)

08 Jan 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

08 Jan 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

08 Jan 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

08 Jan 2026

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

07 Oct 2025

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

19 Aug 2025

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

13 Feb 2025

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

31 Jan 2025

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)

03 Jan 2025

Spandana Sphoorty Financial Limited

Spandana Sphoorty Financial Limited (SF)


Ratings

Description
Short Term
Medium Term
Long Term
Issuer
PTC Series A1 -- -- Provisional [ICRA]AA- (SO) --
PTC Series A -- -- Provisional [ICRA]AA-(SO) --
PTC Series A1 -- -- Provisional [ICRA]A+ (SO) --
PTC Series A1 -- -- Provisional [ICRA]AA- (SO) --
PTC Series A1 -- -- [ICRA]AA-(SO) --
PTC Series A2 -- -- [ICRA]A-(SO) --
PTC Series A1 -- -- [ICRA]A+(SO) --
PTC Series A1 -- -- Withdrawn --
Term Loan -- -- [ICRA]BBB+(Negative) --
Non-Convertible Debentures -- -- [ICRA]BBB+(Negative) --

Our Analysts

Analyst 1

Shaik Abdul Saleem

Analyst 2

Srinivasan Rangaswamy

Sector Head

Karthik Srinivasan
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