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Rating Rationales

14 Aug 2025

Cube Highways Trust: Rating reaffirmed; [ICRA]AAA (Stable) assigned for fresh NCD of Rs. 825.0 crore

Cube Highways Trust: Rating reaffirmed; [ICRA]AAA (Stable) assigned for fresh NCD of Rs. 825.0 crore

14 Aug 2025

Dwarikesh Sugar Industries Limited: Ratings reaffirmed, outlook continues to be Negative

Dwarikesh Sugar Industries Limited: Ratings reaffirmed, outlook continues to be Negative

14 Aug 2025

Elixrr Industries Private Limited: [ICRA]BBB- (Stable)/ [ICRA]A3 assigned

Elixrr Industries Private Limited: [ICRA]BBB- (Stable)/ [ICRA]A3 assigned

14 Aug 2025

Higher Education Financing Agency: Rating reaffirmed

Higher Education Financing Agency: Rating reaffirmed

14 Aug 2025

JSG Innotech Private Limited: Ratings Withdrawn

JSG Innotech Private Limited: Ratings Withdrawn

14 Aug 2025

Pur Energy Limited: Rating downgraded to [ICRA]D

Pur Energy Limited: Rating downgraded to [ICRA]D

14 Aug 2025

Rainbow Children’s Medicare Limited: Rating reaffirmed

Rainbow Children’s Medicare Limited: Rating reaffirmed

14 Aug 2025

Satin Creditcare Network Limited: Ratings assigned/reaffirmed; rating simultaneously withdrawn for matured NCDs

Satin Creditcare Network Limited: Ratings assigned/reaffirmed; rating simultaneously withdrawn for matured NCDs

14 Aug 2025

Trendspace IT Park Private Limited: [ICRA]A (Stable) assigned

Trendspace IT Park Private Limited: [ICRA]A (Stable) assigned

14 Aug 2025

VE Commercial Vehicles Limited: Ratings reaffirmed for bank facilities and assigned for commercial paper programme

VE Commercial Vehicles Limited: Ratings reaffirmed for bank facilities and assigned for commercial paper programme


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Structured Finance Rating Rationales

13 Aug 2025

IIFL Samasta Finance Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Colosso 06 2025

IIFL Samasta Finance Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Colosso 06 2025

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Lendingkart Finance Limited: Rating withdrawn for PTCs backed by pool of unsecured small business loan receivables

Lendingkart Finance Limited: Rating withdrawn for PTCs backed by pool of unsecured small business loan receivables

13 Aug 2025

Nissan Renault Financial Services India Private Limited: Rating reaffirmed for PTCs issued under new car loan securitisation transaction

Nissan Renault Financial Services India Private Limited: Rating reaffirmed for PTCs issued under new car loan securitisation transaction

11 Aug 2025

Best Capital Services Limited: Rating confirmed as final for PTCs backed by a pool backed by MSME LAP loan receivables issued by LoanX Bramble Jul 2025

Best Capital Services Limited: Rating confirmed as final for PTCs backed by a pool backed by MSME LAP loan receivables issued by LoanX Bramble Jul 2025

11 Aug 2025

Srifin Credit Private Limited: Rating downgraded for PTCs issued under microfinance loan receivables securitisation transaction and continues to remain on Rating Watch with Negative Implications

Srifin Credit Private Limited: Rating downgraded for PTCs issued under microfinance loan receivables securitisation transaction and continues to remain on Rating Watch with Negative Implications

11 Aug 2025

Vivriti Capital Limited: Ratings confirmed as final for PTCs backed by a pool of unsecured personal loan receivables

Vivriti Capital Limited: Ratings confirmed as final for PTCs backed by a pool of unsecured personal loan receivables

07 Aug 2025

Keertana Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTCs assigned to backed by Home Loan and Loan against property receivables issued by Ascella 07 2025

Keertana Finserv Limited: Provisional [ICRA]A(SO) assigned to Series A1 PTCs assigned to backed by Home Loan and Loan against property receivables issued by Ascella 07 2025

07 Aug 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Piastri 07 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Piastri 07 2025

06 Aug 2025

IKF Finance Limited: Rating confirmed as final for PTCs backed by a pool of vehicle loan receivables issued by Universe Trust Jul 2025

IKF Finance Limited: Rating confirmed as final for PTCs backed by a pool of vehicle loan receivables issued by Universe Trust Jul 2025

06 Aug 2025

Satya MicroCapital Ltd.: Ratings confirmed as final for PTCs backed by a pool of microfinance receivables issued by Harbor 2025

Satya MicroCapital Ltd.: Ratings confirmed as final for PTCs backed by a pool of microfinance receivables issued by Harbor 2025


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ICRA's Rating process starts when the issuer contacts
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13 Aug 2025 04:00 PM

ICRA Webinar on Indian Gas Utilities: Trends and Outlook

--By Mr Girishkumar Kadam,Mr Prashant Vasisht
30 Jul 2025 04:00 PM

Affordable Housing Finance- Trends and Outlook

--By Mr. Karthik Srinivasan,Mr. A M Karthik,Mr. Sandeep Sharma
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