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Entity-Specific Rating Rationales

22 May 2026

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTCs and Provisional [ICRA]BBB+(SO) assigned to Series A2 PTCs backed by secured business loan receivables issued by Nezuko Trust 2026

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTCs and Provisional [ICRA]BBB+(SO) assigned to Series A2 PTCs backed by secured business loan receivables issued by Nezuko Trust 2026

20 May 2026

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Uranus 2025

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Uranus 2025

20 May 2026

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Marigold 12 2025

Satin Finserv Limited: Rating confirmed as final for PTCs backed by secured business loan receivables issued by Marigold 12 2025

29 Apr 2026

Satin Finserv Limited: Rating upgrade for two PTCs issued under secured business loan securitisation transactions

Satin Finserv Limited: Rating upgrade for two PTCs issued under secured business loan securitisation transactions

05 Mar 2026

Satin Finserv Limited: [ICRA]A- (Stable)/[ICRA]A2+ assigned; rating reaffirmed

Satin Finserv Limited: [ICRA]A- (Stable)/[ICRA]A2+ assigned; rating reaffirmed

26 Feb 2026

Satin Finserv Ltd: Rating withdrawn for PTCs issued under a secured business loan receivables securitisation transaction

Satin Finserv Ltd: Rating withdrawn for PTCs issued under a secured business loan receivables securitisation transaction

31 Dec 2025

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC and Provisional [ICRA]BBB+(SO) assigned to Equity Tranche backed by secured business loan receivables issued by Marigold 12 2025

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC and Provisional [ICRA]BBB+(SO) assigned to Equity Tranche backed by secured business loan receivables issued by Marigold 12 2025

26 Dec 2025

Satin Finserv Limited: Rating assigned/reaffirmed

Satin Finserv Limited: Rating assigned/reaffirmed

12 Dec 2025

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC and Provisional [ICRA]BBB+(SO) assigned to Series A2 PTC backed by secured business loan receivables issued by Uranus 2025

Satin Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTC and Provisional [ICRA]BBB+(SO) assigned to Series A2 PTC backed by secured business loan receivables issued by Uranus 2025

08 Dec 2025

Satin Finserv Limited: Ratings withdrawn for PTCs issued under a secured business loan receivables securitisation transaction

Satin Finserv Limited: Ratings withdrawn for PTCs issued under a secured business loan receivables securitisation transaction


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Entity-Specific Credit Perspective Reports

22 May 2026

Satin Finserv Limited

Satin Finserv Limited (SF)

31 Dec 2025

Satin Finserv Limited

Satin Finserv Limited (SF)

12 Dec 2025

Satin Finserv Limited

Satin Finserv Limited (SF)

07 Jul 2025

Satin Finserv Limited

Satin Finserv Limited (SF)

11 Jun 2025

Satin Finserv Limited

Satin Finserv Limited (Non-SF)

27 Mar 2025

Satin Finserv Limited

Satin Finserv Limited (SF)

03 Mar 2025

Satin Finserv Limited

Satin Finserv Limited (SF)

17 Jan 2025

Satin Finserv Limited

Satin Finserv Limited (Non-SF)

31 Dec 2024

Satin Finserv Limited

Satin Finserv Limited (SF)

31 Dec 2024

Satin Finserv Limited

Satin Finserv Limited (SF)


Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A2 PTCs -- -- Provisional [ICRA]BBB+(SO) --
Series A1 PTCs -- -- Provisional [ICRA]A(SO) --
Equity tranche -- -- [ICRA]BBB+(SO) --
Series A1 PTC -- -- [ICRA]A(SO) --
Series A2 PTC -- -- [ICRA]BBB+(SO) --
Series A1 PTC -- -- [ICRA]A(SO) --
Series A1(a) PTCs -- -- [ICRA]AA(SO) --
Series A1(b) PTCs -- -- [ICRA]AA-(SO) --
Series A1 PTC -- -- [ICRA]A+(SO) --
Commercial Paper [ICRA]A2+ -- -- --

Our Analysts

Analyst 1

Swapnali Chavan

Analyst 2

Sumit Pramanik

Sector Head

Manushree Saggar
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