All Rating Rationales

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A backed by vehicle loan receivables issued by Platinum Trust May 2026 - Tranche III; Provisional [ICRA]A-(SO) assigned to second loss facility

Muthoot Fincorp Limited: Provisional rating assigned to PTCs backed by loan against property (LAP) receivables issued by Ganymede 2026

Ascend Bizcap Private Limited: Rating confirmed as final for PTCs backed by electric three-wheeler loan receivables issued by Akeno 2026

Sundaram Finance Limited: Provisional [ICRA]AAA(SO) assigned to PTCs backed by a pool of vehicle loan receivables issued by Shri Trust BX 2027

Sundaram Finance Limited: Provisional [ICRA]AAA(SO) assigned to PTCs backed by a pool of vehicle loan receivables issued by Shri Trust BY 2027

Svatantra Microfin Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 issued by ALPHONSO 2026, backed by a pool of microfinance loan receivables

Niwas Housing Finance Limited: Ratings reaffirmed for PTCs backed by HL and LAP receivables securitisation transaction

Unity Small Finance Bank Limited: Rating placed on Watch with Negative Implications for SNs backed by secured LAP loan receivables issued by Orion Series 1

Berar Finance Limited: Provisional [ICRA]A+(SO) assigned to Series A1 PTC backed by two-wheeler loan receivables issued by Arjun 05 2026

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to PTC Series A backed by vehicle loan receivables issued by Platinum Trust May 2026 - Tranche I; Provisional [ICRA]A-(SO) assigned to second loss facility