All Rating Rationales

PNB Housing Finance Limited: Rating reaffirmed for PTCs backed by home loan receivables issued by India Residential Mortgage Trust 2025 02

Progfin Private Limited: Rating confirmed as final for PTCs backed by invoice financing receivables to be issued by MARS 10 2025

Spandana Sphoorty Financial Limited: Rating reaffirmed for PTCs issued under microfinance loan receivables securitisation transaction

Svatantra Microfin Private Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by MAHADEV Aug-2025

Fairvalue Insuretech Private Limited: Provisional [ICRA]AA(SO) assigned to PTCs issued by Linked Investment Trust 6, backed by a pool of Unit Linked Insurance Plans (ULIP) policy receivables

Indostar Capital Finance Limited: Rating reaffirmed for PTCs issued under SME loan receivables securitisation transaction

SMFG India Credit Company Limited: Rating withdrawn for PTCs backed by personal loan receivables by PL PTC Trust 01

Farmart Service Private Limited: Provisional [ICRA]A-(SO) assigned to Series A1 PTC to be issued by AGRI XCHNG6 2025

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to PTCs backed by vehicle loan receivables issued by PLATINUM TRUST FEB 2026 - TRANCHE I

Kaabil Finance Private Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTCs backed by a pool of secured business loan receivables