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Rating Rationales

14 Mar 2025

Capsave Finance Private Limited: [ICRA]AA+(Stable) assigned for fresh NCDs, and Ratings reaffirmed for remaining instruments

Capsave Finance Private Limited: [ICRA]AA+(Stable) assigned for fresh NCDs, and Ratings reaffirmed for remaining instruments

14 Mar 2025

Paradigm IT Technology Services Private Limited: [ICRA]BBB(Stable)/ [ICRA]A3+ assigned

Paradigm IT Technology Services Private Limited: [ICRA]BBB(Stable)/ [ICRA]A3+ assigned

14 Mar 2025

Zenvision Pharma LLP: Rating Moved to Non-Cooperating category

Zenvision Pharma LLP: Rating Moved to Non-Cooperating category

13 Mar 2025

Arnon Builders and Developers Limited: Rating reaffirmed; rated amount enhanced

Arnon Builders and Developers Limited: Rating reaffirmed; rated amount enhanced

13 Mar 2025

Aspen Buildtech Limited: Change in limits

Aspen Buildtech Limited: Change in limits

13 Mar 2025

Boltmaster (India) Private Limited: Continues to remain under issuer non-cooperating category

Boltmaster (India) Private Limited: Continues to remain under issuer non-cooperating category

13 Mar 2025

Credila Financial Services Limited: Change in limits; rating withdrawn for Rs. 200-crore NCD programme

Credila Financial Services Limited: Change in limits; rating withdrawn for Rs. 200-crore NCD programme

13 Mar 2025

Dream Digital: Continues to remain under issuer non-cooperating category

Dream Digital: Continues to remain under issuer non-cooperating category

13 Mar 2025

G Ramamoorthi Constructions India Private Limited: Continues to remain under issuer Non-Cooperating category

G Ramamoorthi Constructions India Private Limited: Continues to remain under issuer Non-Cooperating category

13 Mar 2025

GMR Hyderabad International Airport Limited: Rating reaffirmed

GMR Hyderabad International Airport Limited: Rating reaffirmed


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Structured Finance Rating Rationales

12 Mar 2025

Berar Finance Limited: Rating confirmed as final for PTCs issued under a two-wheeler loan receivables securitisation transaction

Berar Finance Limited: Rating confirmed as final for PTCs issued under a two-wheeler loan receivables securitisation transaction

12 Mar 2025

Cholamandalam Investment and Finance Company Limited: Ratings reaffirmed for PTCs issued under six vehicle loan securitisation transactions

Cholamandalam Investment and Finance Company Limited: Ratings reaffirmed for PTCs issued under six vehicle loan securitisation transactions

12 Mar 2025

Protium Finance Limited: Rating confirmed as final for PTCs issued under a secured MSME (LAP) loan receivables securitisation transaction

Protium Finance Limited: Rating confirmed as final for PTCs issued under a secured MSME (LAP) loan receivables securitisation transaction

12 Mar 2025

Satin Creditcare Network Limited: Ratings withdrawn for PTCs issued under four microfinance loan securitisation transactions

Satin Creditcare Network Limited: Ratings withdrawn for PTCs issued under four microfinance loan securitisation transactions

11 Mar 2025

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new passenger vehicle loan receivables issued by Pharaoh PTC Mar 2025 Series I Trust

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new passenger vehicle loan receivables issued by Pharaoh PTC Mar 2025 Series I Trust

11 Mar 2025

NeoGrowth Credit Private Limited: Rating confirmed as final for PTCs backed by MSME business loan receivables issued by Chanakya-4 Trust November 2024

NeoGrowth Credit Private Limited: Rating confirmed as final for PTCs backed by MSME business loan receivables issued by Chanakya-4 Trust November 2024

11 Mar 2025

NeoGrowth Credit Private Limited: Rating confirmed as final for PTCs backed by MSME business loan receivables issued by Drona-1 Trust December 2024

NeoGrowth Credit Private Limited: Rating confirmed as final for PTCs backed by MSME business loan receivables issued by Drona-1 Trust December 2024

11 Mar 2025

NeoGrowth Credit Private Limited: Rating confirmed as final for PTCs backed by MSME business loan receivables issued by Sagittarius Trust February 2025

NeoGrowth Credit Private Limited: Rating confirmed as final for PTCs backed by MSME business loan receivables issued by Sagittarius Trust February 2025

10 Mar 2025

Aye Finance Limited: Ratings confirmed as final for PTCs backed by unsecured business loan receivables issued by AJANTA 02 TRUST 2024

Aye Finance Limited: Ratings confirmed as final for PTCs backed by unsecured business loan receivables issued by AJANTA 02 TRUST 2024

10 Mar 2025

IIFL Samasta Finance Limited: Provisional [ICRA]AA(SO) assigned to PTC Series A1 and Provisional [ICRA]A+(SO) assigned to PTC Series A2 issued by 2025 02 MFI COSINE, backed by a pool of microfinance loan receivables

IIFL Samasta Finance Limited: Provisional [ICRA]AA(SO) assigned to PTC Series A1 and Provisional [ICRA]A+(SO) assigned to PTC Series A2 issued by 2025 02 MFI COSINE, backed by a pool of microfinance loan receivables


Our Rating Approach & Methodologies

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

Upcoming Webinars
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19 Mar 2025 04:00 PM

ICRA Webinar on Navigating the Indian Automotive Market: Trends & Forecasts

ICRA Webinar on Navigating the Indian Automotive Market: Trends & Forecasts
--By Mr. Shamsher Dewan,Ms. Kinjal Shah,Mr. Srikumar K
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03 Apr 2025 04:00 PM

ICRA Webinar on Outlook FY2026

ICRA Webinar on Outlook FY2026
--By Mr. K Ravichandran,Ms. Aditi Nayar,Mr. Karthik Srinivasan
 19 days Left
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11 Mar 2025 04:00 PM

ICRA Webinar on the Data Tsunami sees surge in Data Centre Capex

--By Ms. Anupama Reddy,Mr. Abhishek Lahoti,Mr. Hemanth Vasishta
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06 Mar 2025 04:00 PM

ICRA Webinar on the Indian Hospital Industry-Healing and Thriving

--By Mr. Shamsher Dewan,Ms. Kinjal Shah,Ms. Mythri Macherla
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