Press Release

Press Release

July 25, 2025

MAS FINANCIAL SERVICES LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	6750.00	ACUITE AA \| Stable \| Reaffirmed	-
Non Convertible Debentures (NCD)	350.00	ACUITE AA \| Stable \| Reaffirmed	-
Commercial Paper (CP)	300.00	-	ACUITE A1+ \| Reaffirmed
Total Outstanding	7400.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has reaffirmed its long-term rating of ‘ACUITE AA’ (read as ACUITE double A) on the Rs. 6750.00 Cr. Bank loan facilities including Prposed Bank Loan facilities of MAS Financial Services Limited (MFSL). The outlook is 'Stable'.

Acuité has reaffirmed its long-term rating to 'ACUITE AA' (read as ACUITE double A) on the Rs. 350.00 Cr. Non-Convertible debenture of MAS Financial Services Limited (MFSL). The outlook is 'Stable'.

Acuité has reaffirmed its short-term rating of ‘ACUITE A1+’ (read as ACUITE A one plus) on the Rs. 300.00 Cr. Proposed Commercial Paper Programme of MAS Financial Services Limited (MFSL).

Rationale for the rating:
The rating reaffirmation takes into consideration the sustained growth in AUM, improvement in earning profile and healthy capitalisation levels. The AUM of the group increased to Rs. 12867.91 Cr. as on March 31, 2025 as against Rs. 10,721.90 Cr. as on March 31, 2024 (Rs. 8506 Cr. as on March 31, 2023). At a consolidated level, the group’s Profit after Tax (PAT) grew at Rs. 313.98 Cr as on March 31,2025 as against Rs.254.01 Cr. as on March 31, 2024 (Rs 205.82 Cr. as on March 31, 2023).The CAR improved to 24.72 percent as on March 31,2025 as against 24.05 percent as on March 31,2024. The rating further factors in the strong resource raising ability and liquidity buffers. The group has funding relationships with Banks and Financial Institutions with a lender base of over 40 lenders and well diversified resource profile. Additionally, the company maintains healthy liquidity in the form of sufficient cash and bank balance and unutilized lines to meets its funding requirements. The rating is however constrained by the scale of operations and high portfolio concentration in three states comprising ~59 percent of the AUM as on March 31,2025. The rating further remains constrained on account of concentration in its Retail Asset Channel (RAC) portfolio. Under the retail portfolio, the group has exposure to Micro enterprise loans (~20.96 percent as on March 31.2025). The inherent risk of large ticket size lending under the RAC portfolio and any deterioration in credit profile of borrowers under the micro enterprise portfolio continues to remain a key rating monitorable. Going forward, the ability of the group to profitably scale-up its operations while maintaining healthy asset quality will be key monitorable.

About the Company

Incorporated in 1995, Gujarat based MFSL, is the flagship company of MAS group (i.e. MAS Financial Services Limited (MFSL), MAS Rural Housing and Mortgage Finance Limited - (MRHML) and MASFIN Insurance Broking Private Limited). MFSL is registered with RBI as a Non deposit-taking, non-banking financial company. MFSL provides financing directly and indirectly to Micro Enterprises (MEL), Small and Medium Enterprises (SME), along with loans for commercial vehicles and two wheelers. MFSL primarily operates in 13 states, namely, Rajasthan, Gujarat, Maharashtra, Tamil Nadu, Karnataka, Madhya Pradesh, Chhattisgarh, Uttarakhand,Haryana ,Punjab,Telangana and one Union Territory, National Capital Territory of Delhi, through a network of 206 branches as on June 30, 2025. MFSL’s equity shares were listed on BSE and NSE in October 2017, it currently has a market capitalization of Rs. 5606. 91Cr. MFSL’s shareholders included marquee investors such as Axis Mutual Fund, IDFC Sterling Equity Fund, TATA AIA Life insurance and Vistra ITCL I Limited amongst others. The promoter and promoter group hold 66.63 percent of the equity shareholding in MFSL as on June 30, 2025.

About the Group

MAS Rural Housing and Mortgage Finance Limited (MRHMFL), incorporated in 2008, is a no deposit taking Housing Finance Company registered with National Housing Board. The company is engaged in providing housing loans, commercial loans and project loans for affordable housing segment.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has consolidated the business and financial risk profiles of MFSL, MRHMFL and the company’s subsidiary MASFIN Insurance Broking Private Limited (MFIBL) (Hereinafter referred to as ‘MAS Group’) for arriving at the rating. The consolidation is in view of common promoters and management, integrated businesses, shared brand name, and significant operational and financial linkages between these entities.

Key Rating Drivers

Strength

Established presence in MSME lending through an extensive branch network and partnerships with other players.
MFSL, the group’s flagship company, commenced operations in 1995 by extending credit to Micro, Small and Medium Enterprises (MSMEs) and two-wheeler financing. The group gradually expanded its geographical reach to other states beyond Gujarat and diversified its product portfolio to include Commercial Vehicle Loans including used car loans and tractor loans. Established in 2008, MRHMFL, a subsidiary of MFSL, has a presence in housing, commercial and project loans with a focus on affordable housing segment. Presently, MAS group’s operations are spread over thirteen states and the group operates through a network of 206 branches. MAS group also has established relationships with dealers and intermediaries for supporting their forays in commercial vehicle and two-wheeler segments. Besides direct lending to MSME and CV segment, the Group lends to NBFCs and MFIs for onward lending to the above segments. The operations of the group are headed by Mr. Kamlesh Gandhi (Founder, Chairman and Managing Director), who has over three decades of experience in the financial services sector. He is supported by team of professionals with significant experience in various functional areas. The group's Asset under Management has improved to Rs. 12,867.91 Cr. as on March 31,2025 as against Rs. 10,721.90 Cr. as on March 31, 2024. (Rs. 8,506 Cr. as on March 31, 2023). Acuité believes that MAS Group’s business profile will continue to benefit from the established presence in the retail and MSME segment across diverse product categories, backed by strong managerial support and established distribution network/partnership arrangements with various NBFCs.

Healthy capitalization levels; Business model based on regular sell downs expected to sustain the healthy capital buffers.
The philosophy of MAS group to sell down a portion of its originated loans on a regular basis helps in managing its liquidity, profitability and also its capital requirements. Since a part of the portfolio is assigned on a regular basis, the growth in the on-book portfolio is limited, thereby keeping its capital and debt requirements relatively moderate. As on June 30, 2025, direct assignment transactions (incl. co-lending) comprised 21.16 percent of the overall liability profile of the group. The healthy performance of the past pools over a period has enabled the company to regularly raise funds through this route from various banks. The continued appetite for the group’s pools reflects the confidence, the bankers (buyers of pool) have in the group’s underwriting and monitoring standards. Acuité believes that MAS group has demonstrated the resilience to grow across various business cycles and will be able to sustain its financial position on the back of its healthy capitalization buffers and maintaining a prudent capital structure.

Strong resource raising ability and diversified funding profile
MAS group has established relationships with over 40 lenders; public and private sector bank and financial institutions, some of these banks engage in both lending via bank borrowings and purchase of pools i.e. direct assignment transactions. MFSL's on book exposures comprises of loans qualify for priority sector lending, which has high acceptability among banks for direct assignment transactions. The funding mix (based on AUM) comprises of bank borrowings (term loans and cash credit limits) along with resources raised through direct assignment transactions. As on June 30, 2025, the funding mix comprised direct assignment funding of 21 percent (including co-lending), cash credit of 10 percent, term loan of 52 percent, non-convertible debentures of 14 percent and subordinated debt of 3 percent. Acuité expects the group to continue to benefit from diversified funding mix and the Group’s ability to raise resources from various banks and financial institutions.

Stable financial performance
At a consolidated level, the group’s Profit after Tax (PAT) grew at Rs. 313.98 Cr as on March 31,2025 as against Rs.254.01 Cr. as on March 31, 2024 (Rs 205.82 Cr. as on March 31, 2023). The group has maintained stable profitability despite increase in its operating expenses led by increase in its branch network. The operating expenses of the group as a percentage of its earning assets increased to 2.69 percent in FY25 as against 2.44 percent in FY24. The profitability continues to be healthy as reflected in the Return on Average Assets (ROAA) of 2.89 percent and Net Interest Margin (NIM) of 6.27 percent for FY25. Acuité expects the Group to sustain improvement in earning’s profile in the current operating environment.

Weakness

Significant exposure to NBFC loans; susceptible to asset quality moderation.
MAS group has high exposure to segments such as NBFCs and MFIs (also referred to as RAC) and MSME’s. The group’s exposure to NBFCs and MFIs as a proportion to the overall AUM was ~36 percent as on Mar 31, 2025. MAS group has a policy of lending to NBFCs and MFIs for onward lending towards loans to MSME segment, Commercial Vehicle and Two Wheelers loans i.e. segments in which MAS group has its presence and the dynamics of which is understood by these NBFCs/MFIs. Notwithstanding the controls and the monitoring practices adopted by MAS in this segment, the group remains exposed to the risks inherent in large ticket lending, since most of the borrowers are typically small to medium size NBFCs (asset size less than Rs. 500 Cr.), where the track record is yet to be fully established. The group also engages in partnership agreements with various NBFCs out of which some are backed by FLDG. These NBFCs do the sourcing, monitoring and servicing of the loans for MAS.

ESG Factors Relevant for Rating

MFSL belongs to the NBFC sector which complements bank lending in India. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and social development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. MFSL offers financial services for Micro Enterprises Loans, SME Loans, Home Loans, Two-Wheeler Loans, Used Car Loans, and Commercial Vehicle Loans to satisfy their varied needs. The company primarily focuses on the vast lower income and middle-income groups of the society, spread across urban, semi urban, and rural areas, and including formal and informal sector. They are leveraging on the distribution network of partner MFINBFCS/NBFCS/HFCs/franchisees, thus extending financial services to the underpenetrated states and the BOP segment. It is important for MFSL to assess the sustainability factors mainly related to environment, social and corporate governance practices for its lending portfolio. It has a well-articulated CSR policy, aiming to support the advancement of education, to provide access to healthcare and other health initiatives/projects for the less privileged. The Company prefers to make contributions to the local area and areas around it where it operates, for spending the amount earmarked for CSR activities. It is the company’s continuous endeavour to increase its CSR impact and spend over the coming years, supplemented with continued focus towards rural development, promoting health and sanitation. The company has a well-placed grievance redressal mechanism; it has made adequate disclosures related to board and management compensation and outlines the policies related to diversity and ethical business practices in its code of conduct. The company’s board comprises of five independent directors out of total seven directors which includes two female directors.

Rating Sensitivity

Movement in leverage indicators
Sharp movement in asset quality and profitability metrics
Regulatory framework governing the priority sector lending and direct assignment transactions

All Covenants

Financial Covenants :
(a) Until the Final Settlement Date, the Issuer shall:
(i) ensure that the rating of the Issuer is not downgraded to "A" or below by any rating agency;
(ii) maintain a Capital Adequacy Ratio of at least 17% (seventeen percent) or such other threshold as may be prescribed by the RBI from time to time, whichever is higher, with the Tier I Capital component of the Capital Adequacy Ratio of the Issuer (including pursuant to any compulsorily convertible debentures) of at least 100 (one hundred) basis points above threshold as may be prescribed by the RBI from time to time;
(iii) maintain the ratio of the Total Debt of the Issuer to the Equity of the Issuer of not more than 5 (five) times; and ensure and procure that, other than in accordance with the terms of the Transaction Documents, the Identified Promoters of the Issuer continue to hold at least 51% (fifty one percent) of the aggregate shareholding of the Issuer.
(b) The financial covenants set out in the transaction document shall be tested, until the Final Settlement Date, on a quarterly basis, i.e., as on each Quarterly Date, on the basis of consolidated and standalone financial statements of the Issuer.

Liquidity Position

Adequate

MFSL has adequately matched asset-liability profile as on March 31,2025 with a cumulative surplus in all maturity buckets. The company’s assets comprise short to medium term (average of 18-24 months) exposures depending on the asset class against which the borrowings are in the form of two to three-year term loans and cash credit limits. The company has adequate liquidity buffers marked by cash and bank balances of Rs. 1141.41 Cr. as on March 31, 2025 as compared to Rs. 878.5 Cr. as on March 31, 2024.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials (Consolidated)

Particulars	Unit	FY25 (Actual)	FY24 (Actual)
Total Assets**	Rs. Cr.	12191.61	9535.49
Total Income*	Rs. Cr.	837.35	636.05
PAT	Rs. Cr.	313.98	254.01
Net Worth	Rs. Cr.	2650.47	1818.57
Return on Average Assets (RoAA)	(%)	2.89	2.90
Return on Average Net Worth (RoNW)	(%)	14.05	15.11
Debt/Equity	Times	3.45	4.08
Gross NPA ( Standalone)	(%)	2.55	2.42
Net NPA ( Standalone)	(%)	1.49	1.48

*Total income equals Net Interest Income plus other income
** Total Assets are adjusted for Deferred Tax Assets

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Any Other Information

None

Applicable Criteria

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
29 Jul 2024	Proposed Commercial Paper Program	Short Term	300.00	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	11.92	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	5.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	200.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	5.45	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	15.15	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	145.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	100.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	25.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	25.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	28.17	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	21.53	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	68.04	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	42.09	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	80.61	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	5.56	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	164.93	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	20.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	50.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	38.53	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	16.67	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	16.74	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	90.73	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	15.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	41.98	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	13.72	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	12.50	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	33.11	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	67.19	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	31.94	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	47.98	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	22.18	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	45.91	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	113.45	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	62.50	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	65.39	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	260.23	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	11.66	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	200.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE AA \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	100.00	ACUITE AA \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	2451.97	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Proposed Long Term Bank Facility	Long Term	750.00	ACUITE AA \| Stable (Assigned)
	Term Loan	Long Term	53.85	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	23.95	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	34.87	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	75.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	30.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	30.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	400.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	50.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	60.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	120.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	30.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	250.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Proposed Cash Credit	Long Term	60.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	50.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	150.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	8.30	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	45.09	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	56.11	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
11 Mar 2024	Proposed Commercial Paper Program	Short Term	300.00	ACUITE A1+ (Reaffirmed)
	Cash Credit	Long Term	250.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	310.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.97	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.33	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.47	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	82.49	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.73	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	47.36	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	90.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.86	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	55.09	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	61.20	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	61.54	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	179.94	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	83.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	52.08	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.71	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	105.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.43	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	43.46	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	89.05	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	40.90	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	61.69	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.15	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	59.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	68.75	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	90.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	320.39	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	120.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	1776.65	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	200.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.44	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	32.65	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.82	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	145.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	75.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	400.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	120.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	31.95	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	36.45	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.63	ACUITE AA- \| Stable (Reaffirmed)
14 Sep 2023	Proposed Commercial Paper Program	Short Term	300.00	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	193.75	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	120.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	250.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	115.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	26.61	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.67	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	75.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.15	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	112.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	40.91	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	68.40	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	130.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.17	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.64	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	74.98	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	83.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	240.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	66.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	45.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	93.75	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	36.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	34.09	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	65.13	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	290.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	400.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	38.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	47.95	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	40.17	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.31	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.11	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.39	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	55.59	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	77.10	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	400.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	356.42	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	37.24	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	135.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	27.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	83.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.13	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	26.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	68.29	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	138.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	125.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	92.55	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	92.31	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	45.83	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	91.69	ACUITE AA- \| Stable (Reaffirmed)
07 Sep 2023	Proposed Commercial Paper Program	Short Term	300.00	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	91.69	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	45.83	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	92.31	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	92.55	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	125.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	138.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	68.29	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	26.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.13	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	83.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	27.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	135.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	37.24	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	36.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	93.75	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	45.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	66.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	240.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	83.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	74.98	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.64	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.17	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	130.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	68.40	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	40.91	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	112.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.15	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	75.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	26.61	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	115.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	250.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	120.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	400.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	290.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	65.13	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	34.09	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	77.10	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	55.59	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.39	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.11	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.31	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	40.17	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	47.95	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	38.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	193.75	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	400.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	20.00	ACUITE AA- \| Stable (Reaffirmed)
Term Loan	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
Proposed Long Term Bank Facility	Long Term	356.42	ACUITE AA- \| Stable (Reaffirmed)
07 Sep 2022	Proposed Commercial Paper Program	Short Term	300.00	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	26.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	76.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	63.99	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	42.84	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.29	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.95	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.64	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.83	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	26.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.17	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	77.85	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.35	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	110.44	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	54.55	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	117.96	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	290.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	400.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	120.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	20.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	250.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	175.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	38.89	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.67	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	75.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.66	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	135.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	83.30	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	84.21	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	160.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	45.84	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	94.98	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	285.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	91.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	200.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	90.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	46.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	1500.00	ACUITE AA- \| Stable (Assigned)
27 May 2022	Proposed Commercial Paper Program	Short Term	300.00	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	18.25	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	77.85	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.35	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	110.44	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	54.55	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	117.96	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	290.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	150.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	400.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	120.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	20.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	250.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Cash Credit	Long Term	175.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	38.89	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.67	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	75.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.66	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	135.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	83.30	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	160.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	45.84	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	94.98	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	285.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	91.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	200.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	90.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	26.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	76.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	63.99	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	42.84	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.29	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.95	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.33	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.64	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.83	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	26.67	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.17	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.50	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	46.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	84.21	ACUITE AA- \| Stable (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
IDFC First Bank Limited	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Indusind Bank Ltd	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	145.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE AA \| Stable \| Reaffirmed
IDBI Bank Ltd.	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	75.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Baroda Gujarat Gramin Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE AA \| Stable \| Reaffirmed
South Indian Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Bank of Baroda	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	400.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Indian Overseas Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Bank of Maharashtra	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	60.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Tamil Nadu Mercantile Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	218.50	Simple	ACUITE AA \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	INE348L07183	Non-Convertible Debentures (NCD)	21 Mar 2024	Not avl. / Not appl.	21 Mar 2028	200.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	INE348L07282	Non-Convertible Debentures (NCD)	21 Mar 2025	Not avl. / Not appl.	21 Mar 2029	50.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	INE348L07282	Non-Convertible Debentures (NCD)	21 Mar 2025	Not avl. / Not appl.	21 Mar 2029	100.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	60.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Commercial Paper Program	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	300.00	Simple	ACUITE A1+ \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3505.07	Simple	ACUITE AA \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	750.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2026	7.94	Simple	ACUITE AA \| Stable \| Reaffirmed
HDFC Bank Ltd	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	07 Feb 2026	3.60	Simple	ACUITE AA \| Stable \| Reaffirmed
Bajaj Finance Ltd.	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	17 Aug 2026	25.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	28 Feb 2026	5.76	Simple	ACUITE AA \| Stable \| Reaffirmed
Bank of Maharashtra	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	05 Aug 2026	37.49	Simple	ACUITE AA \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2026	21.05	Simple	ACUITE AA \| Stable \| Reaffirmed
Nabard Financial Services Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2025	40.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2026	20.13	Simple	ACUITE AA \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	24 Dec 2026	33.71	Simple	ACUITE AA \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2026	104.99	Simple	ACUITE AA \| Stable \| Reaffirmed
Axis Bank	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2024	25.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Aditya Birla Finance Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	05 Jun 2025	3.33	Simple	ACUITE AA \| Stable \| Reaffirmed
HDFC Bank Ltd	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	07 May 2025	1.92	Simple	ACUITE AA \| Stable \| Reaffirmed
Bank of Maharashtra	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2027	60.57	Simple	ACUITE AA \| Stable \| Reaffirmed
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	23 Sep 2025	4.99	Simple	ACUITE AA \| Stable \| Reaffirmed
Kotak Mahindra Bank	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	29 Jun 2025	8.29	Simple	ACUITE AA \| Stable \| Reaffirmed
Utkarsh Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	25 Aug 2025	2.50	Simple	ACUITE AA \| Stable \| Reaffirmed
Bajaj Finance Ltd.	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	26 Aug 2025	8.28	Simple	ACUITE AA \| Stable \| Reaffirmed
Small Industries Development Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	10 Aug 2025	13.48	Simple	ACUITE AA \| Stable \| Reaffirmed
Micro Units Development and Refinance Agency bank (MUDRA)	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	10 Jan 2026	13.66	Simple	ACUITE AA \| Stable \| Reaffirmed
Sundaram Finance Ltd.	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	10 Sep 2025	12.61	Simple	ACUITE AA \| Stable \| Reaffirmed
Axis Bank	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	29 Dec 2025	23.08	Simple	ACUITE AA \| Stable \| Reaffirmed
CSB Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Sep 2025	5.49	Simple	ACUITE AA \| Stable \| Reaffirmed
HDFC Bank Ltd	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	07 Sep 2025	12.70	Simple	ACUITE AA \| Stable \| Reaffirmed
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Sep 2026	37.50	Simple	ACUITE AA \| Stable \| Reaffirmed
Small Industries Development Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	10 Jun 2025	5.03	Simple	ACUITE AA \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	28 Oct 2027	200.12	Simple	ACUITE AA \| Stable \| Reaffirmed
South Indian Bank	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2025	5.00	Simple	ACUITE AA \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	29 Dec 2027	83.21	Simple	ACUITE AA \| Stable \| Reaffirmed

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr.No.	Company Name
1	MAS Financial Services Limited
2	MAS Rural Housing & Mortgage Finance Limited
3	MASFIN Insurance Broking Private Limited

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Nattasha Venkatesh
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