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Special Comments

Date	Reports	Category	Price
30 Dec 2025	Weighted average SGS cut -off eased by 3 bps to 7.41% despite higher-than-indicated issuance and large-sized auction	Thematic Report
23 Dec 2025	SGS cut-off jumped by 11 bps to 7.44% amid higher-than-indicated issuance and large-sized auction	Thematic Report
17 Dec 2025	Revenue deficit of states widened mildly amid higher welfare spending in recent years; capex improved to 2.5% of GSDP	Thematic Report
16 Dec 2025	SGS cut-off eased by 8 bps to 7.33% amid continued lower-than-indicated issuance	Thematic Report
15 Dec 2025	Permitted additional borrowings during FY2021-FY2025 beyond base limit allowed states to incur a fiscal deficit higher than 3% of GSDP	Thematic Report
10 Dec 2025	CONSUMPTION TRACKER: Consumption trends were mixed in Q2 FY2026; festive season and GST rate cuts to boost demand in Q3	Thematic Report
09 Dec 2025	SGS cut-off rises to a 10-week high of 7.41%, despite lower than indicated issuance	Thematic Report
02 Dec 2025	SGS cut-off jumped by 10 bps to 7.39%; inter-state spread for 10-year SGS widened to unusually high 20-29 bps	Thematic Report
25 Nov 2025	India's GDP growth projected to ease to 7.0% in Q2 FY2026, while remaining robust	Quarterly Update	--
25 Nov 2025	SGS cut-off jumped by 16 bps to 7.29% amid partial acceptance of bids by two states	Thematic Report
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Credit Perspective Reports

Credit Perspective Reports (CPRs) offer detailed rating analyses of over 1,500 investment-grade entities, covering both listed and unlisted companies. These reports provide in-depth insights into key rating drivers, making them valuable for benchmarking, understanding credit trends, and making informed investment decisions.

What's latest in CPR

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Rating Rationales

Name	Email	Phone
05 Jan 2026	Rithwik Projects Private Limited: Ratings reaffirmed; rated amount enhanced
05 Jan 2026	Air India SATS Airport Services Private Limited: Ratings reaffirmed and assigned for enhanced amount
05 Jan 2026	Torrent Pharmaceuticals Limited: Ratings reaffirmed; [ICRA]A1+ assigned for fresh CPs of Rs. 1,500.00 crore and rating reaffirmed and withdrawn for NCDs of Rs. 1,642.84 crore
05 Jan 2026	Steamhouse India Limited: Ratings reaffirmed and assigned for enhanced amount
05 Jan 2026	Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance loan receivables securitisation transaction
05 Jan 2026	Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction
05 Jan 2026	AISATS Noida Logistic Park Private Limited: [ICRA]A+(Stable)/[ICRA]A1; assigned
05 Jan 2026	Avenue Supermarts Limited: Rating reaffirmed; rated amount enhanced
05 Jan 2026	Arohan Financial Services Limited: Update on material event
05 Jan 2026	Credo Life Sciences Private Limited: Rating reaffirmed