Financial Sector Ratings
ICRA’s Financial Sector Debt Ratings cover entities like Banks and Financial Institutions, Non-Banking Finance Companies (NBFCs) and Housing Finance Companies (HFCs). While all of these entities perform the same function of leveraging own funds and lending to others on a cost-plus basis, there are significant differences between them in terms of scale of operations, products and services offered, product delivery, regulatory requirements, and internal control systems. Moreover, the risk profiles of these type of entities can be quite varied. Depending on their requirement and ability to borrow the funding mix of these entities vary significantly, and include term loans, debentures, public deposits, working capital demand loan, cash credit from banks, commercial paper, and Mibor-linked loans, among others.
While NBFCs and HFCs flourished in the Indian subcontinent initially on account of regulatory differentiation, in the current scenario, there is a significant overlap between the business areas of HFCs and NBFCs on the one hand and with that of Banks and Financial Institutions on the other. ICRA’s Rating factor in the gamut of risks that can possibly affect the operations of a finance company: operating risks, financial risks, and management risks. The key determinants of operating risk include volatility in revenues and expenses, regulatory risks, risk of administrative expenses going out of hand, and risk of deterioration in asset quality. Financial risk, on the other hand is driven by capital adequacy, asset liability management, solvency, financial flexibility, and also accounting quality. Management risks cover the subjects of management quality and efficacy of systems.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

Company Name Sector Name Long Term Medium Term Short Term Issuer Outlook
AADHAR HOUSING FINANCE LIMITED
Rationale / Rating Methodologies
Housing Finance Companies -- -- [ICRA]A1+ -- --
AADHAR HOUSING FINANCE LIMITED
Rationale / Rating Methodologies
Housing Finance Companies * -- -- -- --
Aavas Financiers Limited
Rationale / Rating Methodologies
Housing Finance Companies [ICRA]AA- -- -- -- Stable
Aavas Financiers Limited
Rationale / Rating Methodologies
Housing Finance Companies [ICRA]AA- -- -- -- Stable
Aavas Financiers Limited
Rationale / Rating Methodologies
Housing Finance Companies -- -- [ICRA]A1+ -- --
ABNL Investment Limited
Rationale / Rating Methodologies
NBFC -- -- * -- --
Aditya Birla Capital Limited
Rationale / Rating Methodologies
NBFC -- -- [ICRA]A1+ -- --
Aditya Birla Capital Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- [ICRA]A1+ -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC -- -- [ICRA]A1+ -- --
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC -- -- [ICRA]A1+ -- --
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AA+(hyb) -- -- -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Aditya Birla Housing Finance Limited
Rationale / Rating Methodologies
Housing Finance Companies [ICRA]AAA -- [ICRA]A1+ -- Stable
Aditya Birla Housing Finance Limited
Rationale / Rating Methodologies
Housing Finance Companies -- -- [ICRA]A1+ -- --
Aditya Birla Housing Finance Limited
Rationale / Rating Methodologies
Housing Finance Companies [ICRA]AAA -- -- -- Stable
Aditya Birla Housing Finance Limited
Rationale / Rating Methodologies
Housing Finance Companies [ICRA]AAA -- -- -- Stable
Aditya Birla Sun Life AMC Limited
Rationale / Rating Methodologies
Mutual Funds/AMC -- -- * -- --
Agro Indus Credits Limited
Rationale / Rating Methodologies
NBFC [ICRA]B+ -- -- -- Stable
Agro Indus Credits Limited
Rationale / Rating Methodologies
NBFC -- -- [ICRA]A4 -- --
Ahalia Money Exchange & Financial Services Pvt. Ltd.
Rationale / Rating Methodologies
NBFC * -- -- -- --
Allahabad Bank
Rationale / Rating Methodologies
Banks -- -- * -- --
Almondz Finanz Limited
Rationale / Rating Methodologies
Other Financial Companies ^ -- -- -- --
Ambit Finvest Private Limited
Rationale / Rating Methodologies
NBFC -- -- * -- --
Amroha Trade Fin Limited
Rationale / Rating Methodologies
Finance and Banking -- * -- -- --
Anand Rathi Financial Services Limited
Rationale / Rating Methodologies
Broking Companies * -- * -- --
Anand Rathi Share and Stock Brokers Ltd
Rationale / Rating Methodologies
Broking Companies * -- * -- --
Andhra Pradesh Power Finance Corporation Limited
Rationale / Rating Methodologies
NBFC [ICRA]D -- -- -- --
Angel Broking Limited
Rationale / Rating Methodologies
Broking Companies -- -- * -- --
Angel Commodities Broking Private Limited
Rationale / Rating Methodologies
Broking Companies -- -- * -- --
Annapurna Finance Private Limited
Rationale / Rating Methodologies
NBFC [ICRA]A- -- -- -- Stable
Annapurna Finance Private Limited
Rationale / Rating Methodologies
NBFC [ICRA]A- -- -- -- Stable
Annapurna Finance Private Limited
Rationale / Rating Methodologies
NBFC [ICRA]A- -- -- -- Stable
Anugrah Stock and Broking Private Limited
Rationale / Rating Methodologies
Broking Companies -- -- ^ -- --
Aphelion Finance Private Limited
Rationale / Rating Methodologies
Finance and Banking * -- -- -- --
Aptus Value Housing Finance India Limited
Rationale / Rating Methodologies
Housing Finance Companies [ICRA]A+ -- -- -- Stable
Aptus Value Housing Finance India Limited
Rationale / Rating Methodologies
Housing Finance Companies [ICRA]A+ -- -- -- Stable
ART Housing Finance (India) Limited(Formerly known as ART Affordable Housing Finance (India) Limited
Rationale / Rating Methodologies
NBFC * -- -- -- --
Aruna Finance Limited
Rationale / Rating Methodologies
NBFC ^ -- -- -- --
Aryadhan Financial Solutions Private Limited
Rationale / Rating Methodologies
NBFC * -- -- -- --
ASA International India Microfinance Limited
Rationale / Rating Methodologies
NBFC [ICRA]BBB- -- -- -- Stable
ASA International India Microfinance Limited
Rationale / Rating Methodologies
NBFC [ICRA]BBB- -- -- -- Stable
Asirvad Microfinance Limited
Rationale / Rating Methodologies
Microfinance Institution * -- -- -- --
Asirvad Microfinance Limited
Rationale / Rating Methodologies
Microfinance Institution * -- -- -- --
Asset Care & Reconstruction Enterprises Limited
Rationale / Rating Methodologies
Finance and Banking ^ -- -- -- --
AU Small Finance Bank Limited
Rationale / Rating Methodologies
Banks * -- -- -- --
AU Small Finance Bank Limited
Rationale / Rating Methodologies
Banks * -- -- -- --
Recent Releases

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    Rationale / 25 Oct 2021

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    Rationale / 25 Oct 2021

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    Rationale / 25 Oct 2021