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Entity-Specific Rating Rationales

04 Mar 2026

NeoGrowth Credit Private Limited: Provisional [ICRA]A-(SO) assigned to Series A PTC backed by MSME business loan receivables issued by Nebula Trust February 2026

NeoGrowth Credit Private Limited: Provisional [ICRA]A-(SO) assigned to Series A PTC backed by MSME business loan receivables issued by Nebula Trust February 2026

23 Dec 2025

NeoGrowth Credit Private Limited: Rating withdrawn for PTCs issued under a MSME business loan receivables

NeoGrowth Credit Private Limited: Rating withdrawn for PTCs issued under a MSME business loan receivables

05 Dec 2025

NeoGrowth Credit Private Limited: Provisional [ICRA]A-(SO) assigned to Series A1 PTC backed by MSME business loan receivables issued by Saturn 2025

NeoGrowth Credit Private Limited: Provisional [ICRA]A-(SO) assigned to Series A1 PTC backed by MSME business loan receivables issued by Saturn 2025

05 Dec 2025

NeoGrowth Credit Private Limited: Ratings withdrawn for PTCs issued under two MSME business loan receivables

NeoGrowth Credit Private Limited: Ratings withdrawn for PTCs issued under two MSME business loan receivables

20 Nov 2025

NeoGrowth Credit Private Limited: Rating reaffirmed for Series A1 PTC issued under MSME business loan securitisation transaction

NeoGrowth Credit Private Limited: Rating reaffirmed for Series A1 PTC issued under MSME business loan securitisation transaction

17 Nov 2025

NeoGrowth Credit Private Limited: Ratings downgraded to [ICRA]BBB(Negative) and [ICRA]A3+

NeoGrowth Credit Private Limited: Ratings downgraded to [ICRA]BBB(Negative) and [ICRA]A3+

24 Oct 2025

NeoGrowth Credit Private Limited: Rating reaffirmed for Series A1 PTC issued under MSME business loan securitisation transaction

NeoGrowth Credit Private Limited: Rating reaffirmed for Series A1 PTC issued under MSME business loan securitisation transaction

22 Sep 2025

NeoGrowth Credit Private Limited: Rating upgraded for PTCs issued under a MSME business loan securitisation transaction

NeoGrowth Credit Private Limited: Rating upgraded for PTCs issued under a MSME business loan securitisation transaction

11 Sep 2025

NeoGrowth Credit Private Limited: Ratings withdrawn for PTCs issued under two MSME business loan receivables

NeoGrowth Credit Private Limited: Ratings withdrawn for PTCs issued under two MSME business loan receivables

02 Sep 2025

NeoGrowth Credit Private Limited: Ratings reaffirmed and outlook revised to Negative

NeoGrowth Credit Private Limited: Ratings reaffirmed and outlook revised to Negative


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Entity-Specific Credit Perspective Reports

06 Mar 2026

NeoGrowth Credit Private Limited

NeoGrowth Credit Private Limited (SF)

10 Dec 2025

NeoGrowth Credit Private Limited

NeoGrowth Credit Private Limited (SF)

26 Sep 2025

NeoGrowth Credit Private Limited

NeoGrowth Credit Private Limited (Non-SF)

05 May 2025

NeoGrowth Credit Private Limited

NeoGrowth Credit Private Limited (SF)

04 Mar 2025

NeoGrowth Credit Private Limited

NeoGrowth Credit Private Limited (SF)

14 Jan 2025

NeoGrowth Credit Private Limited

NeoGrowth Credit Private Limited (Non-SF)

31 Dec 2024

NeoGrowth Credit Private Limited

NeoGrowth Credit Private Limited (SF)

31 Dec 2024

NeoGrowth Credit Private Limited

NeoGrowth Credit Private Limited (SF)

02 Dec 2024

NeoGrowth Credit Private Limited

NeoGrowth Credit Private Limited (SF)

02 Dec 2024

NeoGrowth Credit Private Limited

NeoGrowth Credit Private Limited (SF)


Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A PTC -- -- Provisional [ICRA]A-(SO) --
PTC Series A1 -- -- Withdrawn --
PTC Series A1 -- -- Withdrawn --
Series A1 PTC -- -- Withdrawn --
Series A1 PTC -- -- Provisional [ICRA]A- (SO) --
Series A1 PTC -- -- [ICRA]A(SO) --
Non-Convertible Debentures -- -- [ICRA]BBB(Negative) --
Long term – Fund based bank lines -- -- [ICRA]BBB(Negative) --
Commercial Paper [ICRA]A3+ -- -- --
Series A1 PTC -- -- [ICRA]A(SO) --

Our Analysts

Analyst 1

Tina Parekh

Analyst 2

Sumit Pramanik

Sector Head

Manushree Saggar
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