Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 50.00 ACUITE A | CE | Assigned | Rating Watch with Positive Implications | Provisional To Final -
Bank Loan Ratings 20.00 ACUITE A- | CE | Reaffirmed | Rating Watch with Positive Implications -
Bank Loan Ratings 250.00 ACUITE BBB+ | Reaffirmed | Rating Watch with Positive Implications -
Non Convertible Debentures (NCD) 170.00 ACUITE BBB+ | Reaffirmed | Rating Watch with Positive Implications -
Non Convertible Debentures (NCD) 25.00 PP-MLD | ACUITE BBB+ | Reaffirmed | Rating Watch with Positive Implications -
Total Outstanding Quantum (Rs. Cr) 515.00 - -
 
Rating Rationale

Acuite has converted from provisional to final the long term rating of ACUITE A (CE)’ (read as ACUITE A (Credit Enhancement)) on the Rs. 50.00 Cr. partially credit enhanced term loan facilities of Sonata Finance Private Limited (SFPL). ­The rating is now under watch with Positive Implications.

Acuité has reaffirmed the long term rating of ‘ACUITE A- (CE)’ (read as ACUITE A minus (Credit Enhancement)) on the Rs. 20.00 Cr. partially credit enhanced term loan facilities of Sonata Finance Private Limited (SFPL). ­The rating is now under watch with Positive Implications.

Acuité has reaffirmed the long term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) to Rs. 170.00 crore non-convertible debentures of Sonata Finance Private Limited. ­The rating is now under watch with Positive Implications.
 
Acuité has reaffirmed the long term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) to Rs. 250.00 crore bank facilities of Sonata Finance Private Limited. ­The rating is now under watch with Positive Implications.
 
Acuité has reaffirmed the long term rating of ‘ACUITE PP-MLD BBB+’ (read as ACUITE Principal Protected Market Linked Debentures triple B plus) to the Rs. 25.00 Cr. principal protected market linked debentures of Sonata Finance Private Limited. ­The rating is now under watch with Positive Implications.

Rationale for the rating
On February 10, 2023, SFPL announced that the company has entered into share purchase agreements with Kotak Mahindra Bank (Bank) and the existing shareholders of the company, pursuant to which the bank will acquire complete shareholding of SFPL for a total consideration of approximately Rs. 537 Cr. The transaction has been approved by the board of directors of SFPL and has also received the necessary consent of the investors of the company. The transaction is subject to requisite regulatory approvals. Post the successful completion of the transaction, SFPL would become wholly-owned subsidiary of Kotak Mahindra Bank.
The rating has been placed under Watch with Positive Implications to evaluate the impact of this transaction on the business profile and financial flexibility on SFPL. Acuité will further track the regulatory developments regarding this transaction and will endeavour to resolve the rating watch at the earliest.

The rating continues to factor in SFPL’s track record of operations, experienced management & institutional support. SFPL has a comfortable capital structure with Capital Adequacy Ratio (CAR) of 20.53 percent and gearing of 4.71 times as on September 30, 2022. The rating further factors in SFPL’s diverse lender base and demonstrated ability to attract funding from banks and financial institutions.
These strengths are partially offset by moderate asset quality with on-time portfolio at 65.75 percent and GNPA at 10.77 percent as on June 30, 2021 which had impacted the profitability metrics. While the company has reported improvement in monthly collection efficiencies since September 21, sustained collections and asset quality improvement in a key monitorable. On-time portfolio saw an improvement as on June 30, 2022 at 89.69 percent vis a vis 65.75 percent as on June 30, 2021. The rating also considers the moderate geographical concentration in states of Uttar Pradesh, Bihar and Madhya Pradesh which comprised ~90 percent of the AUM as on September 30, 2022. Going forward, the ability of the company to scale up its operations and movement of delinquencies across different time buckets and resultant impact on profitability would remain key monitorables.
 
The final rating on the Rs. 50.00 Cr. transaction with investor is assigned based on the fulfilment of the structure, terms and covenants detailed in the executed term loan agreement, deed of guarantee, master credit facility agreement, agreement for hypothecation of receivables, collection and payment agreement, legal opinion and other documents relevant to the transaction.
The Rs 50.00 Cr transaction has a PCE in the form of unconditional, irrevocable, payable on demand guarantee by Northern Arc covering 20 percent of the issue size of facility. The level of guarantee as a percentage of the aggregate outstanding principal of the issue is, however, capped at 35 percent. Additionally, the transaction structure is supported by a cash collateral of 2.5 percent of the outstanding loan amount.

About the company

­Uttar Pradesh based Sonata Finance Private Limited (SFPL) is an NBFC- MFI engaged in providing microcredit to women borrowers via Joint Liability Group (JLG) model. SFPL also provides individual, utility and sanitation financing. SFPL commenced its operations in 2006 and is promoted by Mr. Anup Kumar Singh. Mr. Anup Kumar Singh has over two decades of experience in micro finance segment. SFPL operates through its network of 485 branches spread across 10 states as on September 30, 2022.
 
About the Guarantor

About Northern Arc Capital Limited (“Northern Arc”)
­Northern Arc, previously known as IFMR Capital Finance Ltd., is a Non-Deposit taking NonBanking Financial Company (ND-NBFC) incorporated in 1989. It is involved in the placement (arranging funding for its clients via loan syndication, securitisation and assignment among others) and lending business. The company acts as a link between mainstream capital markets investors and highquality last mile lending institutions and businesses. The company’s business is categorized as finance sector exposure, i.e., microfinance, affordable housing finance, commercial vehicle finance, consumer finance, agri-finance and small business loans, and non-finance sector exposure, i.e., mid-market finance and corporates.
Northern Arc reported Assets Under Management (AUM) of Rs. 6874 Cr. as on March 31, 2022 as against Rs. 5,220.87 Cr. as on March 31, 2021. Northern Arc’s asset quality improved with GNPA (90+dpd) at 0.51 percent as on March 31, 2022 as against 2.23 percent as on March 31, 2021. The company’s Profit After Tax (PAT) stood at Rs. 163.73 Cr for the period ending FY2022 (Rs. 67.51 Cr as of FY2021). The company’s debt/equity ratio was 2.53 times as on March 31, 2021 as compared to 1.96 times as on March 31, 2020. However, the debt/equity ratio increased to 3.50 times as on March 31, 2022.
 
Standalone (Unsupported) Rating

ACUITE BBB+ Rating Under Watch with Positive Implications
 
Analytical Approach

­Acuité has considered the standalone business and financial risk profile of SFPL, the rating of SFPL (ACUITE BBB+), and has further factored in the credit enhancement arising from the structure.
For the Rs 10.00 Cr. transactions:
The suffix (CE) indicates credit enhancement arising from the PCE in the form of unconditional, irrevocable, payable on demand guarantee covering 18% of the initial principal value of the facility amount. The strength of the underlying structure and continued adherence to the same is central to the rating. Accounting for the Partial Credit Enhancement, the agency has enhanced the rating of the facility to ACUITE A- (CE)/ Stable. The Credit Enhancement (CE) in the rating is solely for the rated issue and its terms and structure. The notched up rating of the proposed loan facility incorporates the PCE in the form of guarantee by Northern Arc Capital Limited (“Northern Arc”), acting as the Credit Enhancer/ Guarantor.

For the Rs 50.00 Cr. transaction:
The suffix (CE) indicates credit enhancement arising from the PCE in the form of unconditional, irrevocable, payable on demand guarantee covering 20% of the initial principal value of the facility amount. The strength of the underlying structure and continued adherence to the same is central to the rating. Accounting for the Partial Credit Enhancement, the agency has enhanced the rating of the facility to ACUITE A (CE)/ Stable. The Credit Enhancement (CE) in the rating is solely for the rated issue and its terms and structure. The notched up rating of the proposed loan facility incorporates the PCE in the form of guarantee by Northern Arc Capital Limited (“Northern Arc”), acting as the Credit Enhancer/ Guarantor.
 

Key Rating Drivers

Strength

­Strength of underlying structure
For the Rs. 10.00 Cr. transactions:
The Rs 10.00 Cr transactions have a PCE in the form of unconditional, irrevocable, payable on demand guarantee by Northern Arc covering 18 percent of the issue size of facilities. The level of guarantee as a percentage of the aggregate outstanding principal of the facilities is, however, capped at 24 percent. If due to the amortization of the facility, the credit enhancement percent exceeds 24 percent of the aggregate outstanding principal of the facility, the Guarantee Cap shall be reduced to 24 percent of the aggregate outstanding principal of the facility (Revised Guarantee Cap).
SFPL shall make payments of interest and principal amounts due along with all other obligations (if any) under the Transaction Document on T-3 business days. In the event of failure of the Issuer to comply, on T-3 Business Days, the Trustee shall invoke the PCE and the credit enhancement shall be dipped on T-1 Business days.
The facility shall be secured by way of a first ranking, exclusive and continuing charge on identified receivables. The Hypothecated Receivables shall at all times be equal to the value of 1.1 times the outstanding amounts of the facility. In case of Issuer rating (as per Rating Agency’s view) downgrade to below BBB-, the Borrower will ensure that the percentage of outstanding principal value of PAR > 0 loans in the hypothecated pool does not exceed 15 percent of the outstanding principal value of the hypothecated pool. Acuité believes that the structure provides adequate covenants to safeguard the interest of the investors.

For the Rs. 50.00 Cr. transaction:
The Rs 50.00 Cr transaction has a PCE in the form of unconditional, irrevocable, payable on demand guarantee by Northern Arc covering 20 percent of the issue size of facility. The level of guarantee as a percentage of the aggregate outstanding principal of the facility is, however, capped at 35 percent. If due to the amortization of the facility, the credit enhancement percent exceeds 35 percent of the aggregate outstanding principal of the facility, the Guarantee Cap shall be reduced to 35 percent of the aggregate outstanding principal of the facility (Revised Guarantee Cap). Additionally, the transaction structure is supported by a cash collateral of 2.5 percent of the outstanding loan amount.
SFPL shall make payments of interest and principal amounts due along with all other obligations (if any) under the Transaction Document on T-4 business days. In the event of failure of the Issuer to comply, on T-3 Business Days, the Trustee shall invoke the PCE and the credit enhancement shall be dipped on T-1 Business days.
The facility shall be secured by way of a first ranking, exclusive and continuing charge on identified receivables. The Hypothecated Receivables shall at all times be equal to the value of 1.075 times the outstanding amounts of the facility. In case of Issuer rating (as per Rating Agency’s view) downgrade to below BBB-, non-maintenance of security cover, non-payment by Borrower, and cross default of the borrower, the Borrower and Guarantors shall be jointly and severally liable to also transfer the collections from the security pool to the Lender on T-4 Business Days. Acuité believes that the structure provides adequate covenants to safeguard the interest of the investors.

Experienced management supported by diverse and reputed investors
SFPL commenced its microfinance operations in 2006, extending micro-credit to women borrowers engaged in income generating activities under Joint Liability Group (JLG) model. SFPL commenced its operations in Uttar Pradesh and over the years has expanded its presence in other states namely Bihar, Madhya Pradesh, Haryana, Rajasthan, Uttarakhand, Punjab, Maharashtra and Jharkhand. The company has a presence in 144 districts with a network of 485 branches with an asset under management (AUM) of Rs. 1,850.60 Cr. as on September 30, 2022.
SFPL is promoted by Mr. Anup Kumar Singh (MD & CEO), who has an experience of over two decades in micro finance segment. Mr. Anup Kumar Singh has been instrumental in raising funds from marquee institutional investors like Caspian Impact Investment, SIDBI, Creation Investments Social Ventures, India Financial Inclusion Fund, Michael & Susan Dell Foundation, Societe De Promotion Et De Participation Pour La Cooperation Economique, Triodos amongst others with representation on the board. Mr. Anup Kumar Singh is supported by seasoned and experienced professionals in managing the operations of the company.
SFPL’s AUM as on September 30, 2022 stood at Rs. 1,850.60 Cr. (Rs. 1,504.16 Cr. as March 31, 2021 and Rs. 1,755.01 Cr. as on March 31, 2020). The AUM comprised of owned portfolio of Rs. 1,420.09 Cr. (~76.7 percent of AUM) and off-book exposure of Rs. 430.51 Cr. (~23.3 percent of AUM) as on September 30, 2022. The company takes offbook exposure through Business Correspondence model and Direct Assignment.
Acuite believes that SFPL’s business and credit profile will be supported by an established presence in its area of operations and expectation of continued support from the existing investors over the near term.

Comfortable capital structure with diversified funding mix
SFPL’s networth stood at Rs. 305.76 Cr. as on September 30, 2022. The company’s leverage indicators stood at 4.71 times as on September 30, 2022 (4.23 times as on March 31, 2021 and 4.49 times as on March 31, 2020). SFPL’s capital adequacy ratio (CAR) remained comfortable at 20.53 percent as on September 30, 2022. The company has a strong lender profile comprising Banks and Financial Institutions, with total debt of Rs. 1,388.19 Cr. as on March 31, 2022. SFPL’s borrowing profile comprised Term loans (~55 percent), Sub-debt (~3 percent), ECB’s (~11 percent) and NCD’s (~30 percent) as on March 31, 2022. The ability to raise debt by microfinance companies remains challenging due to a very selective and cautious approach adopted by Banks and NBFC/FIs. However, SFPL has demonstrated access to funding from both Banks and large NBFC/FIs.
Acuité believes, going forward, the ability of the company to mobilise additional lower cost funding through debt/ sub debt and its ability to deploy the funds profitably will be a key rating monitorable.

Weakness

­Moderate geographic concentration; susceptibility to risks inherent to microfinance segment
SFPL’s operations are moderately concentrated with Uttar Pradesh accounting for ~46 per cent of its AUM as on September 30, 2022 followed by Bihar at ~25 percent and Madhya Pradesh at ~19 percent. While the company is gradually expanding into other neighbouring states, there is an overall concentration of the lending business with the above three states comprising ~90 percent of AUM. Generally, the risk profile of a microfinance company with a geographically diversified portfolio is more resilient compared to that of an entity with a geographically concentrated portfolio. The company's performance is expected to remain exposed to the occurrence of events such as natural calamities, which may adversely impact the credit profile of the borrowers. Besides geography, the company will be exposed to any changes in the regulatory framework.
Acuité believes that containing additional slippages while maintaining the growth in the loan portfolio will be key rating sensitivity.

Moderation in asset quality and profitability metrics
While SFPL has demonstrated healthy asset quality in the past with low Gross Non-Performing Assets (GNPA), the company’s asset quality has deteriorated on account of Covid-19 induced lockdowns and disruptions. During FY2021 and Q1FY2022, SFPL had witnessed significant deterioration in asset quality with on-time portfolio declining to 65.75 percent and GNPA at 10.77 percent as on June 30, 2021 as compared to ontime portfolio of 86.15 percent and GNPA of 6.30 percent as on March 31, 2021. While Acuite takes cognizance of asset quality stress in the MFI sector due to ongoing pandemic, some MFIs have been more affected due to diverse factors like geographic presence and disruption in economic activities therein, customer profile, rural urban mix etc. With the lifting of lockdowns, the ontime portfolio saw an improvement as on June 30, 2022 with 89.69 percent vis a vis 65.75 percent as on June 30, 2021.
The lockdowns and economic disruptions had slowed down the process of scaling up of operations, thereby, affecting the return metrics. SPFL’s profitability metrices were subdued marked by Return on Average Assets (RoAA) at 0.29 percent as on March 31, 2021 (0.94 percent as on March 31, 2020). Decline in Net Interest Margin (NIM) was also seen at 7.81 percent as on March 31, 2021 as compared to 11.80 percent as on March 31, 2020. However, as on March 31, 2022 the company reported a PAT of Rs. 13.62 Cr. as compared to Rs. 4.39 Cr. in FY21. The RoAA and NIM for FY2022 stood at 0.85 percent and 9.66 percent respectively. Further, for H1FY23, the company reported a PAT (provisional) of Rs. 6.48 Cr. Acuité believes that SFPL’s ability to improve its overall collection efficiency while containing elevated stress in asset quality along with sustaining profitability will be key monitorable.

Assessment of Adequacy of Credit Enhancement

­­SFPL has significant experience in the MFI segment, and its adequate capital position has been bolstered by capital infusions. Thus, even after considering risks such as geographical concentration and possible asset quality deterioration during the pandemic, Acuité believes that the CE will stand adequate in all scenarios and in the event of any requirement, Northern Arc will provide the necessary support.
 
ESG Factors Relevant for Rating

­Sonata Finance Private Limited (SFPL) belongs to the NBFC-MFI sector which facilitates lending to the unbanked population. 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 community development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. The entity maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding related party transactions, vigil mechanism and whistle blower policy. The board of directors of the company comprise of 8 directors out of which 3 are independent directors and 4 are nominee directors. The audit committee is with the objective to monitor and provide an unbiased supervision of the management’s financial reporting process. SFPL also maintains transparency in terms of disclosures pertaining to interest rate policy and its adherence to Fair Practice Code as disseminated by Reserve Bank of India's circular. SFPL aims to empower women by providing micro loans to help them generate additional income opportunities, hence making an economic contribution by way of financial inclusion. It continues to work on several community development initiatives and has also worked on empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centers and such other facilities for senior citizen and measures for reducing inequalities faced by socially and economically backward groups.
 
Rating Sensitivity
  • Movement in collection efficiency and asset quality
  • Movement in profitability metrics
  • Movement in liquidity buffers
  • Changes in regulatory environment
 
Material Covenants

­­SFPL is subject to covenants stipulated by its lenders/investors in respect of various parameters like capital structure, asset quality, among others.
 
Liquidity Position
Adequate

­­SFPL’s overall liquidity profile remains adequate with no negative cumulative mismatches in near to medium term as per ALM dated September 30, 2022. The company has maintained cash and cash equivalents of Rs. 218.55 Cr. as on September 30, 2022.
 
Outlook: Not Applicable
­
 
Other Factors affecting Rating
­None
 
Key Financials - Standalone / Originator
Particulars Unit FY22 (Actual) FY21 (Actual)
Total Assets Rs. Cr. 1698.73 1491.55
Total Income* Rs. Cr. 149.00 111.91
PAT Rs. Cr. 13.62 4.39
Net Worth Rs. Cr. 298.80 279.14
Return on Average Assets (RoAA) (%) 0.85 0.29
Return on Average Net Worth (RoNW) (%) 4.71 1.59
Debt/Equity Times 4.65 4.23
Gross NPA (Owned Portfolio)** (%) 4.67 6.30
Net NPA (Owned Portfolio)** (%) 1.34 2.16
*Total income equals to Net Interest Income plus other income.
** FY21 figures reinstated as per IndAS
 
Status of non-cooperation with previous CRA (if applicable):
None
 
Any other information
None
 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm
• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.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
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
06 Sep 2022 Non Convertible Debentures Long Term 22.00 ACUITE BBB+ | Stable (Reaffirmed)
Term Loan Long Term 13.32 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Principal Protected Market Linked Debentures Long Term 25.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed)
Proposed Term Loan Long Term 234.18 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Term Loan Long Term 10.00 ACUITE A-(CE) | Stable (Assigned)
Term Loan Long Term 10.00 ACUITE A-(CE) | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 3.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 115.00 ACUITE BBB+ | Stable (Reaffirmed)
Term Loan Long Term 2.50 ACUITE BBB+ | Stable (Reaffirmed)
Non Convertible Debentures Long Term 30.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Term Loan Long Term 50.00 ACUITE Provisional A(CE) | Stable (Assigned)
03 Jun 2022 Term Loan Long Term 27.54 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Term Loan Long Term 10.00 ACUITE Provisional A-(CE) | Stable (Assigned)
Non Convertible Debentures Long Term 22.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Term Loan Long Term 209.96 ACUITE BBB+ | Stable (Reaffirmed)
Term Loan Long Term 12.50 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Principal Protected Market Linked Debentures Long Term 25.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE A-(CE) | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 115.00 ACUITE BBB+ | Stable (Reaffirmed)
Non Convertible Debentures Long Term 30.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 3.00 ACUITE BBB+ | Stable (Reaffirmed)
04 Oct 2021 Term Loan Long Term 12.50 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Bank Facility Long Term 209.96 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 115.00 ACUITE BBB+ | Stable (Assigned)
Non Convertible Debentures Long Term 22.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 3.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Principal Protected Market Linked Debentures Long Term 25.00 ACUITE PP-MLD BBB+ | Stable (Assigned)
Non Convertible Debentures Long Term 30.00 ACUITE BBB+ | Stable (Reaffirmed)
Term Loan Long Term 27.54 ACUITE BBB+ | Stable (Reaffirmed)
25 Aug 2021 Term Loan Long Term 10.00 ACUITE A-(CE) | Stable (Assigned)
22 Mar 2021 Proposed Bank Facility Long Term 10.00 ACUITE Provisional A-(CE) | Stable (Assigned)
11 Feb 2021 Proposed Bank Facility Long Term 198.70 ACUITE BBB+ | Stable (Assigned)
Term Loan Long Term 19.20 ACUITE BBB+ | Stable (Assigned)
Term Loan Long Term 32.10 ACUITE BBB+ | Stable (Assigned)
Proposed Non Convertible Debentures Long Term 55.00 ACUITE BBB+ | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Not Applicable INE509M07246 Non-Convertible Debentures (NCD) 18 Mar 2021 11.63 18 Mar 2024 22.00 Simple / Complex ACUITE BBB+ | Reaffirmed | Rating Watch with Positive Implications
Not Applicable INE509M07253 Non-Convertible Debentures (NCD) 25 Mar 2021 11.63 25 Mar 2025 30.00 Simple / Complex ACUITE BBB+ | Reaffirmed | Rating Watch with Positive Implications
Not Applicable INE509M07287 Non-Convertible Debentures (NCD) 30 Nov 2021 11.77 30 Oct 2024 80.00 Simple / Complex ACUITE BBB+ | Reaffirmed | Rating Watch with Positive Implications
Not Applicable INE509M07279 Principal protected market linked debentures 22 Nov 2021 Not Applicable 31 Oct 2024 25.00 Complex PP-MLD | ACUITE BBB+ | Reaffirmed | Rating Watch with Positive Implications
Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 38.00 Simple / Complex ACUITE BBB+ | Reaffirmed | Rating Watch with Positive Implications
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 234.18 Simple ACUITE BBB+ | Reaffirmed | Rating Watch with Positive Implications
State Bank of Mauritius Ltd Not Applicable Term Loan 31 Mar 2021 10.45 31 Mar 2023 10.00 Simple ACUITE A- | CE | Reaffirmed | Rating Watch with Positive Implications
State Bank of Mauritius Ltd Not Applicable Term Loan 31 May 2022 10.25 31 May 2024 10.00 Simple ACUITE A- | CE | Reaffirmed | Rating Watch with Positive Implications
Axis Bank Not Applicable Term Loan Not available 10.65 Not available 50.00 Simple ACUITE A | CE | Assigned | Rating Watch with Positive Implications | Provisional To Final
Federal Bank Not Applicable Term Loan 22 Oct 2020 10.85 31 Oct 2023 13.32 Simple ACUITE BBB+ | Reaffirmed | Rating Watch with Positive Implications
Utkarsh Small Finance Bank Ltd. Not Applicable Term Loan 29 Sep 2020 12.60 30 Sep 2022 2.50 Simple ACUITE BBB+ | Reaffirmed | Rating Watch with Positive Implications
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