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Rating Rationales

03 Nov 2025

AVG Motors Private Limited: Ratings reaffirmed; rated amount enhanced

AVG Motors Private Limited: Ratings reaffirmed; rated amount enhanced

03 Nov 2025

Jio BlackRock Asset Management Private Limited: Provisional [ICRA]A1+mfs rating confirmed as final for JioBlackRock Money Market Fund and JioBlackRock Liquid Fund; rating reaffirmed for JioBlackRock Overnight Fund

Jio BlackRock Asset Management Private Limited: Provisional [ICRA]A1+mfs rating confirmed as final for JioBlackRock Money Market Fund and JioBlackRock Liquid Fund; rating reaffirmed for JioBlackRock Overnight Fund

03 Nov 2025

LIC Housing Finance Limited: Rating reaffirmed

LIC Housing Finance Limited: Rating reaffirmed

03 Nov 2025

Lulu Convention and Exhibition Center Private Limited: Ratings assigned

Lulu Convention and Exhibition Center Private Limited: Ratings assigned

03 Nov 2025

Modenik Lifestyle Private Limited: Ratings withdrawn

Modenik Lifestyle Private Limited: Ratings withdrawn

03 Nov 2025

NTPC Limited: Ratings reaffirmed; rated amount enhanced

NTPC Limited: Ratings reaffirmed; rated amount enhanced

03 Nov 2025

VE Electro -Mobility Limited: Ratings withdrawn

VE Electro -Mobility Limited: Ratings withdrawn

31 Oct 2025

HPCL-Mittal Pipelines Limited: Rating reaffirmed & withdrawn for commercial paper; [ICRA]AA+(Stable) assigned for bank facilities

HPCL-Mittal Pipelines Limited: Rating reaffirmed & withdrawn for commercial paper; [ICRA]AA+(Stable) assigned for bank facilities

31 Oct 2025

AISECT Limited: Ratings reaffirmed

AISECT Limited: Ratings reaffirmed

31 Oct 2025

Economic And Entrepreneurship Development Foundation: Rating downgraded

Economic And Entrepreneurship Development Foundation: Rating downgraded


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Structured Finance Rating Rationales

03 Nov 2025

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Adhira 07 2025

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Adhira 07 2025

31 Oct 2025

DMI Finance Private Limited: Rating reaffirmed/upgraded for PTCs issued under three personal loan and consumer loan securitisation transactions

DMI Finance Private Limited: Rating reaffirmed/upgraded for PTCs issued under three personal loan and consumer loan securitisation transactions

31 Oct 2025

Five-Star Business Finance Limited: Rating withdrawn for PTCs issued under small business loan securitisation transaction

Five-Star Business Finance Limited: Rating withdrawn for PTCs issued under small business loan securitisation transaction

31 Oct 2025

Five-Star Business Finance Limited: Ratings reaffirmed for PTCs issued under small business loan securitisation transactions

Five-Star Business Finance Limited: Ratings reaffirmed for PTCs issued under small business loan securitisation transactions

30 Oct 2025

Annapurna Finance Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Banshee 06 2025

Annapurna Finance Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Banshee 06 2025

30 Oct 2025

Annapurna Finance Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Vega 06 2025

Annapurna Finance Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Vega 06 2025

30 Oct 2025

Aptus Finance India Private Limited: Rating upgraded for PTCs backed by a loan against property (SME LAP loans) receivables issued by NIMBUS 2023 Orakei

Aptus Finance India Private Limited: Rating upgraded for PTCs backed by a loan against property (SME LAP loans) receivables issued by NIMBUS 2023 Orakei

30 Oct 2025

Best Capital Services Limited: Rating confirmed as final for PTCs backed by MSME LAP loan receivables issued by Elegan 09 2025

Best Capital Services Limited: Rating confirmed as final for PTCs backed by MSME LAP loan receivables issued by Elegan 09 2025

30 Oct 2025

Keertana Finserv Limited: Rating withdrawn for Series A1 PTCs backed by a pool of micro enterprise loan receivables

Keertana Finserv Limited: Rating withdrawn for Series A1 PTCs backed by a pool of micro enterprise loan receivables

30 Oct 2025

Lendingkart Finance Limited: Rating withdrawn for PTCs backed by pool of unsecured small business loan receivables

Lendingkart Finance Limited: Rating withdrawn for PTCs backed by pool of unsecured small business loan receivables


Our Rating Approach & Methodologies

ICRA's Rating process starts when the issuer contacts
our business team to engage our services.

Indian Banking Sector- Banking Outlook: Growth Revival amid Asset Quality and Regulatory Shifts

Mr Karthik Srinivasan,Mr Anil Gupta,Mr Sachin Sachdeva

12 Nov 2025 04:00 PM
Register now 8 days Left

Credit Quality Trends and Performance of ICRA-Assigned Ratings in H1 FY2026

Mr. K Ravichandran,Mr. Pratik Singhania

01 Oct 2025 04:00 PM

The Indian Pharmaceutical Industry- Industry at a Crossroads: Navigating Global Challenges and Local Opportunities

Ms. Kinjal Shah,Mr. Deepak Jotwani

18 Sep 2025 04:00 PM

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