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Entity-Specific Rating Rationales

31 Mar 2026

Fusion Finance Limited: Provisional [ICRA]AA+(SO) assigned to Series A1 PTCs backed by MFI loan receivables issued by Supernova 03 2026

Fusion Finance Limited: Provisional [ICRA]AA+(SO) assigned to Series A1 PTCs backed by MFI loan receivables issued by Supernova 03 2026

31 Mar 2026

Fusion Finance Limited: Provisional [ICRA]AA+(SO) assigned to Series A1 PTC backed by MFI loan receivables issued by White Rose 03 2026

Fusion Finance Limited: Provisional [ICRA]AA+(SO) assigned to Series A1 PTC backed by MFI loan receivables issued by White Rose 03 2026

27 Nov 2025

Fusion Finance Limited: Rating reaffirmed and outlook revised to Stable from Negative; [ICRA]A- (Stable) assigned to Rs. 500-crore NCD programme and withdrawn for Rs. 145-crore NCD programme

Fusion Finance Limited: Rating reaffirmed and outlook revised to Stable from Negative; [ICRA]A- (Stable) assigned to Rs. 500-crore NCD programme and withdrawn for Rs. 145-crore NCD programme

21 Feb 2025

Fusion Finance Limited: Rating downgraded to [ICRA]A- (Negative); rating withdrawn for Rs. 35-crore NCD programme

Fusion Finance Limited: Rating downgraded to [ICRA]A- (Negative); rating withdrawn for Rs. 35-crore NCD programme

26 Nov 2024

Fusion Finance Limited: Rating downgraded and Outlook revised to Negative

Fusion Finance Limited: Rating downgraded and Outlook revised to Negative

16 May 2024

Fusion Micro Finance Limited: Rating withdrawn for matured instruments

Fusion Micro Finance Limited: Rating withdrawn for matured instruments

12 Jan 2024

Fusion Micro Finance Limited: Rating upgraded to [ICRA]A+ (Stable); outlook revised to Stable

Fusion Micro Finance Limited: Rating upgraded to [ICRA]A+ (Stable); outlook revised to Stable

19 Jul 2023

Fusion Micro Finance Limited: Ratings reaffirmed and outlook revised to Positive; Ratings simultaneously withdrawn for Rs. 85-crore NCD and Rs. 40-crore MLD programmes; Rating assigned to Rs. 63.5-crore NCDs

Fusion Micro Finance Limited: Ratings reaffirmed and outlook revised to Positive; Ratings simultaneously withdrawn for Rs. 85-crore NCD and Rs. 40-crore MLD programmes; Rating assigned to Rs. 63.5-crore NCDs

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Entity-Specific Credit Perspective Reports

02 Apr 2026

Fusion Finance Limited

Fusion Finance Limited (SF)

02 Apr 2026

Fusion Finance Limited

Fusion Finance Limited (SF)

23 Dec 2025

Fusion Finance Limited

Fusion Finance Limited (Non-SF)

24 Dec 2024

Fusion Finance Limited

Fusion Finance Limited (Non-SF)

05 Feb 2024

Fusion Finance Limited

Fusion Finance Limited (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1 PTC -- -- Provisional [ICRA]AA+(SO) --
Series A1 PTCs -- -- Provisional [ICRA]AA+(SO) --
Subordinated Debt -- -- [ICRA]A-(Stable) --
Non-Convertible Debenture -- -- [ICRA]A-(Stable) --
Market Linked Debenture -- -- Withdrawn --
PTC Series A1 -- -- * --
PTC Series A2 -- -- * --
PTC Series A1 -- -- * --
PTC Series A2 -- -- * --
PTC Series A1 -- -- * --

Our Analysts

Analyst 1

Ritu Rita

Analyst 2

Himanshi Doshi

Sector Head

Manushree Saggar
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