ICRA An Affiliate of Moody's

Entity-Specific Rating Rationales

26 Mar 2026

Hero FinCorp Limited: [ICRA]AA+ (Stable) assigned to sub-debt; earlier ratings reaffirmed; rating withdrawn for matured instruments

27 Mar 2025

Hero FinCorp Limited: [ICRA]AA+ (Stable) assigned to sub-debt programme and [ICRA]AA (Stable) assigned to perpetual debt programme; earlier ratings reaffirmed

20 Dec 2024

Hero FinCorp Limited: [ICRA]AA+ (Stable) assigned to sub-debt programme and [ICRA]AA (Stable) assigned to perpetual debt programme; earlier ratings reaffirmed

31 May 2024

Hero FinCorp Limited: [ICRA]AA (Stable) assigned to perpetual debt programme

08 May 2024

Hero FinCorp Limited: [ICRA]AA (Stable) rating assigned to perpetual debt programme

27 Dec 2023

Hero FinCorp Limited: [ICRA]AA+ (Stable) assigned; earlier ratings reaffirmed and rated amount enhanced

15 Sep 2023

Hero FinCorp Limited: Ratings reaffirmed

Entity-Specific Credit Perspective Reports

24 Apr 2026

Hero Fincorp Limited

Hero Fincorp Limited (Non-SF)

21 Jan 2025

Hero Fincorp Limited

Hero Fincorp Limited (Non-SF)

19 Oct 2023

Hero Fincorp Limited

Hero Fincorp Limited (Non-SF)

Ratings

Description	Short Term	Medium Term	Long Term	Issuer
Subordinated bonds/debt	--	--	[ICRA]AA+(Stable)	--
Commercial Paper	[ICRA]A1+	--	--	--
Perpetual Debt	--	--	[ICRA]AA(Stable)	--
NCD	--	--	[ICRA]AA+(Stable)	--
Subordinated bonds/debt	--	--	[ICRA]AA+(Stable)	--
Perpetual Debt	--	--	[ICRA]AA(Stable)	--
Long-term/Short-term – Fund-based/Non-fund based – Others	[ICRA]A1+	--	[ICRA]AA+(Stable)	--

Our Analysts