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Rating Rationales

26 Nov 2025

Arunachal Pradesh Power Corporation Pvt Ltd: Long-term rating assigned; short-term rating reaffirmed

Arunachal Pradesh Power Corporation Pvt Ltd: Long-term rating assigned; short-term rating reaffirmed

26 Nov 2025

Bamanbore Tollway Private Limited: Rating assigned

Bamanbore Tollway Private Limited: Rating assigned

26 Nov 2025

Chloride Metals Limited: Ratings reaffirmed

Chloride Metals Limited: Ratings reaffirmed

26 Nov 2025

Euro Pratik Ispat Private Limited: Continues to remain under issuer Non-Cooperating category

Euro Pratik Ispat Private Limited: Continues to remain under issuer Non-Cooperating category

26 Nov 2025

Girijashankar Cotton Private Limited: Continues to remain under issuer Non-Cooperating category

Girijashankar Cotton Private Limited: Continues to remain under issuer Non-Cooperating category

26 Nov 2025

Global Institute of Medical Science & Health Care: Continues to remain under issuer Non-Cooperating category

Global Institute of Medical Science & Health Care: Continues to remain under issuer Non-Cooperating category

26 Nov 2025

GVPR Engineers Limited: Long-term rating upgraded to [ICRA]AA- (Stable); short-term rating reaffirmed at [ICRA]A1+; rated amount enhanced

GVPR Engineers Limited: Long-term rating upgraded to [ICRA]AA- (Stable); short-term rating reaffirmed at [ICRA]A1+; rated amount enhanced

26 Nov 2025

HDFC Life Insurance Company Limited: Rating reaffirmed; rated amount enhanced

HDFC Life Insurance Company Limited: Rating reaffirmed; rated amount enhanced

26 Nov 2025

Hilltop Ceramic: Continues to remain under issuer Non-Cooperating category

Hilltop Ceramic: Continues to remain under issuer Non-Cooperating category

26 Nov 2025

Hi-Tech Frozen Facilities Private Limited: Continues to remain under issuer Non-Cooperating category

Hi-Tech Frozen Facilities Private Limited: Continues to remain under issuer Non-Cooperating category


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Structured Finance Rating Rationales

26 Nov 2025

Berar Finance Limited: Ratings upgraded for PTCs issued under two-wheeler loan receivables securitisation transaction

Berar Finance Limited: Ratings upgraded for PTCs issued under two-wheeler loan receivables securitisation transaction

26 Nov 2025

Cars24 Financial Services Private Limited: Ratings upgraded for instruments issued under one used car loan securitisation transaction

Cars24 Financial Services Private Limited: Ratings upgraded for instruments issued under one used car loan securitisation transaction

26 Nov 2025

Cars24 Financial Services Private Limited: Ratings withdrawn for PTCs issued under a used car loan securitisation transaction

Cars24 Financial Services Private Limited: Ratings withdrawn for PTCs issued under a used car loan securitisation transaction

26 Nov 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

26 Nov 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Phoenix Trust PTC Oct 2025

Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited): Provisional [ICRA]AAA(SO) assigned to PTCs backed by used car loan receivables issued by Phoenix Trust PTC Oct 2025

26 Nov 2025

Vistaar Financial Services Pvt Ltd: Rating upgraded for SNs issued under small business loans securitisation transaction

Vistaar Financial Services Pvt Ltd: Rating upgraded for SNs issued under small business loans securitisation transaction

26 Nov 2025

WheelsEMI Private Limited: Rating reaffirmed for PTCs issued under a vehicle loan securitisation transaction

WheelsEMI Private Limited: Rating reaffirmed for PTCs issued under a vehicle loan securitisation transaction

25 Nov 2025

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by River Rock 11 2025

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by River Rock 11 2025

25 Nov 2025

Nido Home Finance Limited: Provisional [ICRA]AAA(SO) assigned to asset-backed securities backed by home loan receivables issued by HL Trust 30

Nido Home Finance Limited: Provisional [ICRA]AAA(SO) assigned to asset-backed securities backed by home loan receivables issued by HL Trust 30

24 Nov 2025

CreditAccess Grameen Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by GRIX PTC TRUST SEPT 2025

CreditAccess Grameen Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by GRIX PTC TRUST SEPT 2025


Our Rating Approach & Methodologies

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

No Data Available

ICRA Webinar on Indian Commercial Real Estate Sector

Anupama Reddy,Abhishek Lahoti

26 Nov 2025 04:00 PM

ICRA Market Webinar on Renewable Energy Sector

Girishkumar Kadam,Ankit Jain,Rachit Mehta

20 Nov 2025 04:00 PM

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