Rating Rationale
February 07, 2024 | Mumbai
Shriram Finance Limited
Rated amount enhanced for Bank Debt
 
Rating Action
Total Bank Loan Facilities RatedRs.63243 Crore (Enhanced from Rs.53243 Crore)
Long Term RatingCRISIL AA+/Stable (Reaffirmed)
Short Term RatingCRISIL A1+ (Reaffirmed)
 
Rs.10500 Crore Commercial PaperCRISIL A1+ (Reaffirmed)
Non Convertible Debentures Aggregating Rs.33878.27 CroreCRISIL AA+/Stable (Reaffirmed)
Subordinated Debt Aggregating Rs.5201.21 CroreCRISIL AA+/Stable (Reaffirmed)
Long Term Principal Protected Market Linked Debentures Aggregating Rs.4806.4 CroreCRISIL PPMLD AA+/Stable (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has reaffirmed its ratings on the existing debt instruments and bank facilities of Shriram Finance Limited (SFL; erstwhile known as Shriram Transport Finance Company Limited) at ‘CRISIL AA+/CRISIL PPMLD AA+/Stable/ CRISIL A1+’.

 

Consequent to redemption, CRISIL Ratings has withdrawn its rating on debentures of Rs.2216.98 crore, subordinated debt of Rs.197 crore and market linked debentures of Rs.1400 crore (See Annexure 'Details of rating withdrawn' for details) in line with its rating withdrawal policy. CRISIL Ratings has received independent confirmation that these instruments are fully redeemed.

 

The ratings continue to reflect SFL's market leadership in the overall NBFC ecosystem, especially pre-owned commercial vehicle (CV) financing segment, comfortable capitalisation as well as adequate earnings profile. These strengths are partly offset by the company's average yet improving asset quality and resource profile.

Analytical Approach

CRISIL Ratings has considered the consolidated financial and business risk profiles of SFL, its subsidiary, Shriram Housing Finance Ltd and its associate Shriram Automall Limited.

 

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation

Key Rating Drivers & Detailed Description

Strengths:

Market leadership in overall NBFC ecosystem

SFL is the second largest retail NBFC in India and third largest non-bank financier (including HFCs) with consolidated assets under management (AUM) of Rs 2,26,259 crore. On a standalone basis, it reported a strong 20.7% Y-o-Y growth in its AUM to Rs 2,14,233 crore as on December 31, 2023. The AUM continues to be predominantly vehicle finance, however, diversification in the book has increased with merger of Shriram City Union Finance Ltd into SFL enabling cross sell within the customer segments of the entities. While CV financing shall remain the key product segment, the company is also focusing on growing its other higher yielding product segments like passenger vehicle finance, two-wheeler, gold loans, MSME etc. As a result, the AUM as of December 2023, comprised of commercial vehicle (48%), passenger vehicle (19%), MSME (11%), construction equipment (8%), two-wheeler (6%) and others.

 

The company is expected to continue to retain its predominant market position in the pre-owned CV financing business and the SME loan segment. This is because of the strong and sustainable competitive advantage of the company through deep understanding of the borrower profile and their credit behaviour. They have done so by building a scalable operating model, extensive reach and strong valuation capabilities of pre-owned vehicles. The company faces limited competition from other organized financiers, including banks, in this segment, due to inherent riskiness of the target product and the customer profile. In the SME loan segment, the company is a leading financier among retail NBFCs. The company has grown significantly in the unique space created from its legacy chit fund ecosystem. The main characteristics of SME loan portfolio are that the borrowers have limited documentary income proof and the ticket size is small at average of Rs 10 lakh-Rs 15 lakhs.

 

Overall, CRISIL Ratings believes that SFL has strong structural advantages over its peers, which will support its growth plans and help it maintain a leadership position over the medium term. Further, the recent restructuring of the business (merger of Shriram City Union Finance Limited (SCUF) into SFL) has unlocked cross sell potential within the customer segments of the entities. Nevertheless, company’s ability to continue to scale up operations remains a key monitorable.

 

Comfortable capitalisation

SFL’s capitalisation remains adequate with consolidated networth of Rs 47,690 crore and gearing of 3.9 times as on December 31, 2023. On a standalone basis, its networth was Rs 47,054 crore and gearing was 3.8 times as on the same date. The company had last raised capital in fiscal 2022 through issue of equity shares through qualified institutional placement of shares and preferential issue of shares to promoters, aggregating to Rs 2,479 crore (net of issue expenses). The networth to net NPA ratio improved to 8.4x as on December 31, 2023 (7.7x as on March 31, 2023). CRISIL Ratings believes that the capitalisation profile will remain comfortable over the medium term, given the demonstrated ability to access markets.

 

CRISIL Ratings has taken note of the recent measures by Reserve Bank of India (RBI) covering the Banking and NBFC sector. Firstly, on the asset side for NBFCs, there was an increase in risk weights for unsecured consumer loans (including credit card receivables), by 25 percentage points to 125% from 100% earlier. This regulation applies to all retail loans except housing loans, vehicle loans, educational loans, loans against gold and microfinance/SHG loans. The increase in risk-weighted assets leads to a decrease in the capital adequacy ratios of NBFCs but is unlikely to materially impact the ratios of SFL. The overall capital adequacy ratio and tier 1 capital ratio of SFL remained comfortable at 21.0% and 20.0% respectively as on December 31, 2023.

 

Secondly, there was an increase in risk weights for Bank’s exposure to NBFCs by 25 percentage points (over and above the risk weight associated with the given external rating) in all cases where the extant risk weight as per external rating of NBFCs is below 100%. Herein, loans to HFCs, and loans to NBFCs which are eligible for classification as priority sector are excluded. This development may potentially lead to an increase in the cost of bank borrowings for NBFC sector. This could lead to diversification in the borrowings mix with higher share of capital market instruments and securitisation, amongst others. Ability of NBFCs to pass on the potentially higher borrowing costs will be monitored.

 

Further, the Reserve Bank of India (RBI)’s recent circular pertaining to the investments made by regulated entities including non-banking financial companies (NBFCs) in Alternative Investment Funds (AIFs) is not expected to have any material impact on the company.

 

Adequate earnings profile

The earnings profile of SFL has strengthened benefited by the merger synergies, as reflected by improvement in the Return on Managed Assets (RoMA) to 3.1% for first nine months of fiscal 2024 (9M FY24) and 3.0% for fiscal 2023 as compared to 2.0% for fiscal 2022 (pre-merger), on a consolidated basis. It reported net profit after tax of Rs 5,378 crore for 9M FY24 (Rs 6,020 crore for fiscal 2023).

 

Total income (net of interest expense) improved to 8.9% for 9M FY24 as compared to 8.7% for fiscal 2023 aided by yield improvement owing to change in product mix and reduction in negative cash & carry with normalization of liquidity maintenance. While yield benefit is accretive, SME business is operational intensive, and therefore, the operating expense ratio increased post business restructuring to 2.7% for 9MFY24 (fiscal 2023: 2.6%) as compared to 1.6% for fiscal 2022 (pre-merger). The credit costs however, improved to 1.9% for 9MFY24 (fiscal 2023: 2.1%) as compared to 2.8% in fiscal 2022 (pre-merger), with gradual improvement in the asset quality metrics.

 

Weaknesses:

Exposure to inherent asset quality-related challenges arising from lending to borrowers with modest credit profile

The asset quality metrics for SFL have been elevated over the past several years given the fact that the company largely caters to borrowers with modest credit profile and relatively under-banked customers. It has been improving each quarter with SFL reporting Gross Stage 3 (GS3) ratio of 5.66% (standalone basis) as on December 31, 2023 (6.21% as on March 31, 2023). The GS3 ratio has improved across product segments from March 2023 levels and was reported at 6.1% for CV segment, 5.4% for passenger vehicles, 6.6% for construction equipment, 9.75 for farm equipment, 5.2% for MSME financing, 3.3% for two-wheeler, 1.9% for gold loans and 5.0% for personal loans.

 

With increase in Stage-3 provision coverage ratio to 53% as on December 31, 2023 (50% as on March 31, 2023), the Net Stage 3 improved to 2.72% as on December 31, 2023 (3.19% as on March 31, 2023).

 

CRISIL Ratings notes SFL and erstwhile SCUF have displayed ability in the past to ultimately recover from these accounts, even post loan maturity date. Consequently, the overall credit costs have been range bound over the past 3 fiscals. Further, the restructured portfolio for the company was also negligible at sub 1% as on December 31, 2023. However, ability to scale up the portfolio whilst improving asset quality metrics remains a key monitorable. Nevertheless, company’s long track record in its business segments, understanding of the target customer segment and relationship-based lending model should support the asset quality metrics.

 

Average, albeit improving resource profile

SFL has an average, though improving, resource profile. SFL has an established track record in raising funds from the markets also being able to tap retail borrowings which helps diversify its resource profile. The share of public deposits increased to 24% as on December 31, 2023 (23% as on March 31, 2023 and 19% as on March 31, 2022). Furthermore, the company has also been tapping External Commercial Borrowing (ECB) route which adds diversity to its resource profile, with the latest issuance of USD 750 million social bonds in January 2024.

 

However, the cost of borrowings is relatively higher than peers. Ability to trim down borrowing costs from the current levels and diversify further into domestic capital market will be key to support the earnings profile amidst the current environment. CRISIL Ratings notes that the yields for bonds of STFCL in the secondary market which were higher than benchmarks in the previous years have now been on an improving trend over the last six months. Consequently, the ability of SFL to now consistently raise resources from traditional routes of term loans and capital market instruments at optimal costs remains a key monitorable.

Liquidity: Strong

The structural asset liability maturity (ALM) statement of SFL as on December 31, 2023, shows that ALM position is adequate with cumulative positive gaps upto the 1-year bucket indicating that business inflows also support repayments. As of December 31, 2023, SFL had liquidity of Rs 10,653 crore (comprising of cash and equivalents and unutilized CC/WCDL lines) which comfortably covers 2 months of debt obligations of Rs. 8,841 crore.

 

ESG Profile

CRISIL Ratings believes that SFL’s ESG profile supports its already strong credit risk profile.

 

The ESG profile for financial sector entities typically factors in governance as a key differentiator. The sector has reasonable social impact because of its substantial employee and customer base, and it can play a key role in promoting financial inclusion. While the sector does not have a direct adverse environmental impact, the lending decisions may have a bearing on the environment.

 

SFL has a continuous focus on strengthening various aspects of its ESG profile.

 

Key ESG highlights:

  • The Company is planning to contribute towards growing demand of EVs and is working towards financing electric vehicles in the two-wheeler segment.
  • The Company has developed the Social Finance Framework, for issuance of Social Bonds in the international market to finance or refinance a portfolio of new and/or existing Eligible Social Projects to promote sustainability. SFL had issued Social bonds worth USD 475 Million in January 2022 and USD 150 Million in March 2023 under the USD 3.5 Billion Global Medium Term Note Programme. Recently, SFL raised USD 750 Million under the same programme. These were raised as per SFL’s Social Finance framework and the proceeds utilized to finance investments in Eligible Social Projects in accordance with International Capital Market Association Social Bond Principles 2018, as permitted by the ECB Guidelines.
  • The governance structure is characterized by effectiveness in board functioning and enhancing shareholder wealth, presence of investor grievance redressal mechanism and extensive disclosures.

 

There is growing importance of ESG among investors and lenders. SFL’s commitment to ESG principles will play a key role in enhancing stakeholder confidence, given the sizable share of market borrowings in its overall debt and access to both domestic and foreign capital markets.

Outlook: Stable

CRISIL Ratings believes that SFL will continue to maintain healthy capitalisation and strong earnings profile which will help mitigate inherent asset quality-related challenges. CRISIL Ratings also believes that the company will maintain its competitive position in the key business segments.

Rating Sensitivity factors

Upward Factors:

  • Sustainable improvement in asset quality with GNPA improving to under 5% on a sustainable basis with a consequent improvement in earnings profile
  • Diversity in resource profile while maintaining optimal cost of borrowings in comparison to peers

 

Downward Factors:

  • Deterioration in collection efficiency or asset quality metrics with GNPA remaining higher than 8% or credit costs being higher than historical averages
  • Significant increase in steady-state gearing
  • Inability to raise funds from diversified traditional routes at optimal rates

About the Company

Following the consummation of the merger of SCUF and demerged undertaking of Shriram Capital Limited with SFL (erstwhile STFCL), the company has been renamed to Shriram Finance Ltd (SFL). Shriram Housing Finance Ltd (SHFL) continues to operate as a subsidiary of SFL which holds around 84.2% stake in the former. Pursuant to the consummation of the transaction, Shriram Capital and SCUF cease to exist.

 

SFL, incorporated in 1979, was registered with RBI as a deposit-taking, asset-financing non-banking financial company and predominantly provides financing for vehicles such as CVs (both pre-owned and new), tractors, and passenger vehicles. Erstwhile SCUF (now merged into SFL) was incorporated in 1986 and operated in the retail financing segment with a focus on small enterprise loans, two-wheeler financing, gold loans, housing loans and others (auto and personal loans).

Key Financial Indicators: SFL Consolidated

As on/for year ending

Unit

Dec-23

Mar-23

Mar-22^

Assets under Management (AUM)

Rs.Cr.

2,26,259

1,93,730

1,27,041

Total income (net of interest expenses)

Rs.Cr.

15,170

17,577

9,540

Profit after tax

Rs.Cr.

5,378

6,020

2,721

Gross NPA (Gross Stage-3)*

%

5.6

6.0

7.0

On-book gearing

Times

3.9

3.8

4.4

Return on managed assets

%

3.1

3.0

2.0

*Gross Stage-3 estimated on combined basis for SFL and SHFL

^Pre-merger

Any other information: Not Applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN

Name of Instrument

Date of Allotment

Coupon Rate (%)

Maturity Date

Issue Size (Rs.Cr)

Complexity Level

Rating Assigned  with Outlook

NA

Long Term Principal Protected Market Linked Debentures#

NA

NA

NA

1,538.7

Highly complex

CRISIL PPMLD AA+/Stable

INE721A07QL3

Long Term Principal Protected Market Linked Debentures

30-Sep-2021

G SEC LINKED

30-Sep-2024

150

Highly complex

CRISIL PPMLD AA+/Stable

NA

Commercial Paper

NA

NA

7 to 365 days

10,500.00

Simple

CRISIL A1+

NA

Long-Term Bank Facility

NA

NA

NA

41925.6

NA

CRISIL AA+/Stable

NA

Cash Credit & Working Capital demand loan

NA

NA

NA

8591.25

NA

CRISIL AA+/Stable

NA

Proposed Long Term Bank Loan Facility*

NA

NA

NA

11452.15

NA

CRISIL AA+/Stable

NA

Short-Term Bank Facility

NA

NA

NA

795

NA

CRISIL A1+

NA

Bank Guarantee

NA

NA

NA

478

NA

CRISIL A1+

NA

Overdraft facility

NA

NA

NA

1

NA

CRISIL AA+/Stable

INE721A08AH3

Subordinated debt

30-Aug-2010

11.00%

30-Aug-2025

29.2

Complex

CRISIL AA+/Stable

INE721A08AI1

Subordinated debt

9-Sep-2010

11.00%

9-Sep-2025

25

Complex

CRISIL AA+/Stable

INE721A08AK7

Subordinated debt

15-Oct-2010

11.05%

15-Oct-2028

25

Complex

CRISIL AA+/Stable

INE721A08CK3

Subordinated debt

29-May-2013

10.00%

29-May-2028

15

Complex

CRISIL AA+/Stable

INE721A08CV0

Subordinated debt

1-Dec-2016

8.50%

30-May-2024

40

Complex

CRISIL AA+/Stable

INE721A08CW8

Subordinated debt

1-Dec-2016

8.50%

1-Dec-2026

60

Complex

CRISIL AA+/Stable

INE721A08CX6

Subordinated debt

29-Dec-2016

8.50%

29-Dec-2026

75

Complex

CRISIL AA+/Stable

INE468M08102

Subordinated debt

12-Aug-2014

10.60%

12-Aug-2024

10

Complex

CRISIL AA+/Stable

INE721A08CY4

Subordinated debt

17-Oct-2017

8.20%

15-Oct-2027

294

Complex

CRISIL AA+/Stable

INE721A08CZ1

Subordinated debt

23-Mar-2018

9.00%

23-Mar-2028

100

Complex

CRISIL AA+/Stable

INE721A08DA2

Subordinated debt

28-Mar-2018

9.00%

28-Mar-2028

995

Complex

CRISIL AA+/Stable

INE721A08DB0

Subordinated debt

28-Mar-2018

8.95%

28-Apr-2025

40

Complex

CRISIL AA+/Stable

INE721A08DC8

Subordinated debt

28-Nov-2018

10.25%

26-Apr-2024

1775

Complex

CRISIL AA+/Stable

INE721A08DD6

Subordinated debt

12-Dec-2018

10.51%

12-Dec-2028

35

Complex

CRISIL AA+/Stable

INE721A08DE4

Subordinated debt

31-Dec-2018

10.25%

27-Dec-2024

550

Complex

CRISIL AA+/Stable

NA

Subordinated debt#

NA

NA

NA

622.11

Complex

CRISIL AA+/Stable

INE721A07PZ5

Debentures

29-Oct-2020

9.00%

29-Oct-2030

75

Simple

CRISIL AA+/Stable

INE721A07HE7

Debentures

28-Mar-2014

10.60%

28-Mar-2024

10

Simple

CRISIL AA+/Stable

INE721A07JX3

Debentures

18-Mar-2016

9.30%

18-Mar-2026

100

Simple

CRISIL AA+/Stable

INE721A07KB7

Debentures

29-Mar-2016

9.30%

27-Mar-2026

145

Simple

CRISIL AA+/Stable

INE721A07KD3

Debentures

13-Apr-2016

9.22%

13-Apr-2026

179

Simple

CRISIL AA+/Stable

INE721A07KE1

Debentures

22-Apr-2016

9.20%

22-Apr-2026

26

Simple

CRISIL AA+/Stable

INE721A07LD1

Debentures

8-Aug-2016

8.87%

8-Aug-2026

110

Complex

CRISIL AA+/Stable

INE721A07NO4

Debentures

26-Mar-2018

8.72%

26-May-2025

10

Simple

CRISIL AA+/Stable

INE721A07NO4

Debentures

27-Mar-2018

8.72%

26-May-2025

25

Simple

CRISIL AA+/Stable

INE721A07NO4

Debentures

06-May-2022

8.72%

26-May-2025

25

Simple

CRISIL AA+/Stable

INE721A07NO4

Debentures

26-Jun-2023

8.72%

26-May-2025

88

Simple

CRISIL AA+/Stable

INE721A07NO4

Debentures

14-Aug-2023

8.72%

26-May-2025

501

Simple

CRISIL AA+/Stable

INE721A07NO4

Debentures

15-Sep-2023

8.72%

26-May-2025

25

Simple

CRISIL AA+/Stable

INE721A08DF1

Debentures

22-Jan-2019

9.90%

21-Jun-2024

500

Simple

CRISIL AA+/Stable

INE721A07NU1

Debentures

27-Jul-2018

9.03%

27-Jul-2028

49.93

Simple

CRISIL AA+/Stable

INE721A07NX5

Debentures

12-Jul-2018

9.40%

12-Jul-2028

424.89

Simple

CRISIL AA+/Stable

INE721A07OC7

Debentures

2-Nov-2018

9.30%

2-Nov-2028

32.34

Simple

CRISIL AA+/Stable

INE721A07ON4

Debentures

6-Feb-2019

9.30%

6-Feb-2029

26.38

Simple

CRISIL AA+/Stable

INE721A07OQ7

Debentures

6-Feb-2019

9.70%

6-Feb-2029

34.15

Simple

CRISIL AA+/Stable

INE721A07OZ8

Debentures

22-Aug-2019

9.22%

22-Aug-2024

34.35

Simple

CRISIL AA+/Stable

INE721A07PA8

Debentures

22-Aug-2019

9.31%

22-Aug-2026

21.04

Simple

CRISIL AA+/Stable

INE721A07PD2

Debentures

22-Aug-2019

9.60%

22-Aug-2024

47.2

Simple

CRISIL AA+/Stable

INE721A07PE0

Debentures

22-Aug-2019

9.70%

22-Aug-2026

26.19

Simple

CRISIL AA+/Stable

INE721A07PG5

Debentures

22-Aug-2019

Zero Interest

22-Aug-2024

17.57

Simple

CRISIL AA+/Stable

INE721A07PH3

Debentures

22-Aug-2019

Zero Interest

22-Aug-2026

14.23

Simple

CRISIL AA+/Stable

INE721A07OF0

Debentures

2-Nov-2018

9.70%

2-Nov-2028

38.98

Simple

CRISIL AA+/Stable

INE721A07PJ9

Debentures

28-Jan-2020

8.66%

28-Jan-2025

16.3

Simple

CRISIL AA+/Stable

INE721A07PK7

Debentures

28-Jan-2020

8.75%

28-Jan-2027

13.83

Simple

CRISIL AA+/Stable

INE721A07PM3

Debentures

28-Jan-2020

9.00%

28-Jan-2025

34.7

Simple

CRISIL AA+/Stable

INE721A07PN1

Debentures

28-Jan-2020

9.10%

28-Jan-2027

13.02

Simple

CRISIL AA+/Stable

INE721A07PP6

Debentures

28-Jan-2020

Zero Interest

28-Jan-2025

15.16

Simple

CRISIL AA+/Stable

INE721A07QG3

Debentures

30-Mar-2021

8.00%

28-Mar-2031

3200

Simple

CRISIL AA+/Stable

NA

Debentures#

NA

NA

NA

4673.51

Simple

CRISIL AA+/Stable

INE721A07RI7

Debentures

21-Mar-2023

1yr Overnight Indexed Swap

21-Apr-2025

400

Simple

CRISIL AA+/Stable

INE721A07RJ5

Debentures

24-Mar-2023

9%

24-Jun-2024

1151

Simple

CRISIL AA+/Stable

INE721A07RK3

Debentures

12-Apr-2023

3M – T bill linked

12-Jun-2025

200

Complex

CRISIL AA+/Stable

INE721A07QM1

Debentures

12-Nov-2021

8.37%

12-Nov-2031

2100

Simple

CRISIL AA+/Stable

INE721A07QO7

Debentures

28-Dec-2021

8.00%

26-Dec-2031

25

Simple

CRISIL AA+/Stable

INE721A07QS8

Debentures

21-Feb-2022

7.00%

21-Feb-2024

200

Simple

CRISIL AA+/Stable

INE721A07QT6

Debentures

21-Feb-2022

7.40%

21-Mar-2025

150

Simple

CRISIL AA+/Stable

INE721A07QT6

Debentures

08-Dec-2023

7.40%

21-Mar-2025

150

Simple

CRISIL AA+/Stable

INE721A07QU4

Debentures

25-Feb-2022

8.56%

25-Feb-2032

900

Simple

CRISIL AA+/Stable

INE721A07QW0

Debentures

23-Mar-2022

7.45%

23-Apr-2025

250

Simple

CRISIL AA+/Stable

INE721A07QZ3

Long Term Principal Protected Market Linked Debentures

11-Jul-2022

G SEC LINKED

11-Jul-2024

348

Highly complex

CRISIL PPMLD AA+/Stable

INE721A07RA4

Debentures

17-Aug-2022

8.72%

17-Aug-2032

3300

Simple

CRISIL AA+/Stable

INE721A07RB2

Long Term Principal Protected Market Linked Debentures

2-Sep-2022

G SEC LINKED

1-Oct-2024

159.8

Highly complex

CRISIL PPMLD AA+/Stable

INE721A07RC0

Debentures

8-Sep-2022

8.55%

8-Sep-2032

200

Simple

CRISIL AA+/Stable

INE721A08DG9

Subordinated debt

25-Oct-2022

8.75%

25-Oct-2032

115

Complex

CRISIL AA+/Stable

INE721A08DG9

Subordinated debt

21-Feb-2023

8.75%

25-Oct-2032

50

Complex

CRISIL AA+/Stable

INE721A08DG9

Subordinated debt

19-May-2023

8.75%

25-Oct-2032

50

Complex

CRISIL AA+/Stable

INE721A07RF3

Long Term Principal Protected Market Linked Debentures

18-Nov-2022

G SEC LINKED

18-Nov-2025

30

Highly complex

CRISIL PPMLD AA+/Stable

INE721A07RG1

Long Term Principal Protected Market Linked Debentures

23-Nov-2022

G SEC LINKED

23-Feb-2026

50

Highly complex

CRISIL PPMLD AA+/Stable

INE721A07RE6

Debentures

18-Oct-2022

8.50%

18-Oct-2032

27

Simple

CRISIL AA+/Stable

INE721A07RE6

Debentures

05-Dec-2022

8.50%

18-Oct-2032

110

Simple

CRISIL AA+/Stable

INE721A07RE6

Debentures

14-Feb-2023

8.50%

18-Oct-2032

35

Simple

CRISIL AA+/Stable

INE721A07RE6

Debentures

15-Mar-2023

8.50%

18-Oct-2032

10

Simple

CRISIL AA+/Stable

INE721A07RE6

Debentures

21-Mar-2023

8.50%

18-Oct-2032

50

Simple

CRISIL AA+/Stable

INE721A07RE6

Debentures

18-Apr-2023

8.50%

18-Oct-2032

30

Simple

CRISIL AA+/Stable

INE721A07RE6

Debentures

02-Jun-2023

8.50%

18-Oct-2032

200

Simple

CRISIL AA+/Stable

INE722A07BJ7

Long Term Principal Protected Market Linked Debentures^

15-Sep-2022

GSEC Linked

15-Nov-2024

400

Highly Complex

CRISIL PPMLD AA+/Stable

INE722A07BH1

Long Term Principal Protected Market Linked Debentures^

18-May-2022

GSEC Linked

18-Nov-2024

579.9

Highly Complex

CRISIL PPMLD AA+/Stable

INE722A07BI9

Debentures^

31-May-2022

8.85%

31-May-2032

200

Simple

CRISIL AA+/Stable

INE722A07BG3

Debentures^

22-Feb-2022

9%

22-Feb-2032

180

Simple

CRISIL AA+/Stable

INE722A07BE8

Debentures^

21-Dec-2021

9.05%

20-Dec-2031

600

Simple

CRISIL AA+/Stable

INE722A07AB6

Debentures^

25-Sep-2019

9.85%

25-Sep-2024

52.27

Simple

CRISIL AA+/Stable

INE722A07AC4

Debentures^

25-Sep-2019

9.45%

25-Sep-2024

11.06

Simple

CRISIL AA+/Stable

INE722A07AD2

Debentures^

25-Sep-2019

Zero Interest

25-Sep-2024

5.64

Simple

CRISIL AA+/Stable

INE722A07935

Debentures^

30-Apr-2019

9.75%

30-Apr-2024

66.15

Simple

CRISIL AA+/Stable

INE722A07943

Debentures^

30-Apr-2019

9.35%

30-Apr-2024

35.06

Simple

CRISIL AA+/Stable

INE722A07950

Debentures^

30-Apr-2019

Zero Interest

30-Apr-2024

20.94

Simple

CRISIL AA+/Stable

INE722A07AV4

Debentures^

23-Jun-2021

9%

23-Jun-2031

100

Simple

CRISIL AA+/Stable

INE722A07AW2

Debentures^

23-Jul-2021

8.25%

23-Jul-2024

50

Simple

CRISIL AA+/Stable

INE722A07AX0

Debentures^

23-Jul-2021

8.75%

23-Jul-2031

100

Simple

CRISIL AA+/Stable

INE722A07BK5

Debentures^

7-Oct-2022

8.3%

7-Oct-2025

150

Simple

CRISIL AA+/Stable

INE722A07BA6

Debentures^

21-Sep-2021

8.65%

21-Sep-2031

189

Simple

CRISIL AA+/Stable

INE722A07BC2

Debentures^

21-Sep-2021

3M – T bill linked

21-Sep-2024

300

Simple

CRISIL AA+/Stable

INE721A07RH9

Debentures

15-Mar-2023

8.75%

15-Jun-2026

496

Simple

CRISIL AA+/Stable

INE721A07RL1

Debentures

28-Apr-2023

8.75%

28-Apr-2028

250

Simple

CRISIL AA+/Stable

INE721A07RL1

Debentures

25-May-2023

8.75%

28-Apr-2028

100

Simple

CRISIL AA+/Stable

INE721A07RM9

Debentures

28-Apr-2023

8.55%

28-Apr-2028

250

Simple

CRISIL AA+/Stable

INE721A07RN7

Debentures

04-May-2023

8.75%

04-May-2026

265

Simple

CRISIL AA+/Stable

INE721A07RO5

Debentures

26-Jun-2023

Repo Rate plus Spread

26-Jun-2025

400

Simple

CRISIL AA+/Stable

INE721A07RP2

Debentures

20-Jul-2023

8.9%

20-Jul-2028

815

Simple

CRISIL AA+/Stable

INE721A07RQ0

Debentures

03-Oct-2023

8.75%

05-Oct-2026

535

Compled

CRISIL AA+/Stable

INE721A07RR8

Debentures

03-Oct-2023

1yr Overnight Indexed Swap

03-Oct-2026

300

Complex

CRISIL AA+/Stable

INE721A07RS6

Debentures

22-Nov-2023

8.9%

22-Nov-2028

325

Complex

CRISIL AA+/Stable

INE721A07RT4

Debentures

22-Nov-2023

8.8%

22-Nov-2033

100

Simple

CRISIL AA+/Stable

INE721A07RU2

Debentures

19-Dec-2023

9.25%

19-Dec-2025

1164

Simple

CRISIL AA+/Stable

INE721A07RV0

Debentures

19-Dec-2023

9.233%

18-May-2027

151

Simple

CRISIL AA+/Stable

INE721A07RX6

Debentures

05-Jan-2024

8.75%

05-Jan-2034

55

Simple

CRISIL AA+/Stable

INE721A07RY4

Debentures

19-Jan-2024

9.15%

19-Jan-2029

1201

Simple

CRISIL AA+/Stable

#yet to be issued

^transferred from Shriram City Union Finance Limited upon its merger into Shriram Finance Limited

*Interchangeable with short term facility

 

Annexure - Details of Rating Withdrawn

ISIN

Name of Instrument

Date of Allotment

Coupon Rate (%)

Maturity Date

Issue Size

(Rs.Crore)

Complexity Level

Rating Assigned with Outlook

INE721A08CI7

Subordinated debt

20-May-2013

10.25%

20-May-2023

10

Complex

Withdrawn

INE721A08CJ5

Subordinated debt

21-May-2013

10.25%

19-May-2023

20

Complex

Withdrawn

INE721A08CM9

Subordinated debt

24-Jun-2013

10.15%

24-Jun-2023

50

Complex

Withdrawn

INE721A08CO5

Subordinated debt

5-Jul-2013

10.25%

5-Jul-2023

25

Complex

Withdrawn

INE721A08CU2

Subordinated debt

30-Sep-2015

10.10%

29-Sep-2023

67

Complex

Withdrawn

INE468M08078

Subordinated debt

25-Jun-2013

10.20%

25-Jun-2023

25

Complex

Withdrawn

INE721A07QI9

Long Term Principal Protected Market Linked Debentures

18-May-2021

10 YEAR G SEC LINKED

18-Nov-2023

1400

Highly complex

Withdrawn

INE721A07FT9

Debentures

5-Jul-2013

9.60%

5-Jul-2023

50

Simple

Withdrawn

INE721A07FZ6

Debentures

15-Jul-2013

9.60%

15-Jul-2023

9.6

Simple

Withdrawn

INE721A07GD1

Debentures

14-Aug-2013

10.50%

14-Aug-2023

29.7

Simple

Withdrawn

INE721A07GF6

Debentures

27-Aug-2013

10.50%

27-Aug-2023

18.5

Simple

Withdrawn

INE721A07GN0

Debentures

30-Sep-2013

10.75%

30-Sep-2023

10

Simple

Withdrawn

INE721A07GQ3

Debentures

9-Oct-2013

10.75%

9-Oct-2023

10

Simple

Withdrawn

INE721A07KG6

Debentures

25-May-2016

9.05% p.a.

25-May-2023

50

Simple

Withdrawn

INE721A07KI2

Debentures

9-Jun-2016

9.05% p.a.

9-Jun-2023

12.5

Simple

Withdrawn

INE721A07KP7

Debentures

19-Jul-2016

9.05%

19-Jul-2023

75

Simple

Withdrawn

INE721A07NT3

Debentures

27-Jul-2018

8.93%+ 0.10%

27-Jul-2023

150.38

Simple

Withdrawn

INE721A07NW7

Debentures

12-Jul-2018

9.30%

12-Jul-2023

540.21

Simple

Withdrawn

INE721A07NZ0

Debentures

12-Jul-2018

Zero Interest

12-Jul-2023

90.26

Simple

Withdrawn

INE721A07OB9

Debentures

2-Nov-2018

9.12%

2-Nov-2023

94.63

Simple

Withdrawn

INE721A07OE3

Debentures

2-Nov-2018

9.50%

2-Nov-2023

114.32

Simple

Withdrawn

INE721A07OH6

Debentures

2-Nov-2018

Zero Interest

2-Nov-2023

42.13

Simple

Withdrawn

INE721A07PW2

Debentures

22-May-2020

9.00%

22-May-2023

250

Simple

Withdrawn

INE722A07BF5

Debentures^

22-Feb-2022

7.5

22-May-2023

440

Simple

Withdrawn

INE721A07OM6

Debentures

6-Feb-2019

9.12%

06-Feb-2024

87.7

Simple

Withdrawn

INE721A07OP9

Debentures

6-Feb-2019

9.50%

06-Feb-2024

100.11

Simple

Withdrawn

INE721A07OS3

Debentures

6-Feb-2019

Zero Interest

06-Feb-2024

41.94

Simple

Withdrawn

^transferred from Shriram City Union Finance Limited upon its merger into Shriram Finance Limited

Annexure – List of Entities Consolidated

Names of Entities Consolidated

Extent of Consolidation

Rationale for Consolidation

Shriram Automall India Limited

Equity method

Associate

Shriram Housing Finance ltd

Full

Subsidiary

Annexure - Rating History for last 3 Years

  Current 2024 (History) 2023 2022 2021 Start of 2021
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT/ST 62765 CRISIL AA+/Stable / CRISIL A1+   -- 23-10-23 CRISIL AA+/Stable / CRISIL A1+ 31-12-22 CRISIL AA+/Stable / CRISIL A1+ 17-12-21 CRISIL AA+/Stable / CRISIL A1+ CRISIL AA+/Negative / CRISIL A1+
      --   -- 08-05-23 CRISIL AA+/Stable / CRISIL A1+ 27-09-22 CRISIL AA+/Stable / CRISIL A1+ 28-09-21 CRISIL AA+/Stable / CRISIL A1+ --
      --   -- 07-02-23 CRISIL AA+/Stable / CRISIL A1+ 27-06-22 CRISIL AA+/Stable / CRISIL A1+ 27-05-21 CRISIL AA+/Stable / CRISIL A1+ --
      --   -- 30-01-23 CRISIL AA+/Stable / CRISIL A1+ 23-06-22 CRISIL AA+/Stable / CRISIL A1+ 23-03-21 CRISIL AA+/Stable / CRISIL A1+ --
      --   --   -- 30-03-22 CRISIL AA+/Stable / CRISIL A1+ 15-03-21 CRISIL AA+/Stable / CRISIL A1+ --
      --   --   -- 07-02-22 CRISIL AA+/Stable / CRISIL A1+   -- --
Non-Fund Based Facilities ST 478 CRISIL A1+   -- 23-10-23 CRISIL A1+ 31-12-22 CRISIL A1+ 17-12-21 CRISIL AA+/Stable / CRISIL A1+ CRISIL AA+/Negative / CRISIL A1+
      --   -- 08-05-23 CRISIL A1+ 27-09-22 CRISIL A1+ 28-09-21 CRISIL AA+/Stable / CRISIL A1+ --
      --   -- 07-02-23 CRISIL A1+ 27-06-22 CRISIL A1+ 27-05-21 CRISIL AA+/Stable / CRISIL A1+ --
      --   -- 30-01-23 CRISIL A1+ 23-06-22 CRISIL A1+ 23-03-21 CRISIL AA+/Stable / CRISIL A1+ --
      --   --   -- 30-03-22 CRISIL A1+ 15-03-21 CRISIL AA+/Stable / CRISIL A1+ --
      --   --   -- 07-02-22 CRISIL AA+/Stable / CRISIL A1+   -- --
Commercial Paper ST 10500 CRISIL A1+   -- 23-10-23 CRISIL A1+ 31-12-22 CRISIL A1+ 17-12-21 CRISIL A1+ CRISIL A1+
      --   -- 08-05-23 CRISIL A1+ 27-09-22 CRISIL A1+ 28-09-21 CRISIL A1+ --
      --   -- 07-02-23 CRISIL A1+ 27-06-22 CRISIL A1+ 27-05-21 CRISIL A1+ --
      --   -- 30-01-23 CRISIL A1+ 23-06-22 CRISIL A1+ 23-03-21 CRISIL A1+ --
      --   --   -- 30-03-22 CRISIL A1+ 15-03-21 CRISIL A1+ --
      --   --   -- 07-02-22 CRISIL A1+   -- --
Fixed Deposits LT   --   --   -- 23-06-22 Withdrawn 17-12-21 F AAA/Stable F AAA/Negative
      --   --   -- 30-03-22 F AAA/Stable 28-09-21 F AAA/Stable --
      --   --   -- 07-02-22 F AAA/Stable 27-05-21 F AAA/Stable --
      --   --   --   -- 23-03-21 F AAA/Stable --
      --   --   --   -- 15-03-21 F AAA/Stable --
Non Convertible Debentures LT 33878.27 CRISIL AA+/Stable   -- 23-10-23 CRISIL AA+/Stable 31-12-22 CRISIL AA+/Stable 17-12-21 CRISIL AA+/Stable CRISIL AA+/Negative
      --   -- 08-05-23 CRISIL AA+/Stable 27-09-22 CRISIL AA+/Stable 28-09-21 CRISIL AA+/Stable --
      --   -- 07-02-23 CRISIL AA+/Stable 27-06-22 CRISIL AA+/Stable 27-05-21 CRISIL AA+/Stable --
      --   -- 30-01-23 CRISIL AA+/Stable 23-06-22 CRISIL AA+/Stable 23-03-21 CRISIL AA+/Stable --
      --   --   -- 30-03-22 CRISIL AA+/Stable 15-03-21 CRISIL AA+/Stable --
      --   --   -- 07-02-22 CRISIL AA+/Stable   -- --
Subordinated Debt LT 5201.21 CRISIL AA+/Stable   -- 23-10-23 CRISIL AA+/Stable 31-12-22 CRISIL AA+/Stable 17-12-21 CRISIL AA+/Stable CRISIL AA+/Negative
      --   -- 08-05-23 CRISIL AA+/Stable 27-09-22 CRISIL AA+/Stable 28-09-21 CRISIL AA+/Stable --
      --   -- 07-02-23 CRISIL AA+/Stable 27-06-22 CRISIL AA+/Stable 27-05-21 CRISIL AA+/Stable --
      --   -- 30-01-23 CRISIL AA+/Stable 23-06-22 CRISIL AA+/Stable 23-03-21 CRISIL AA+/Stable --
      --   --   -- 30-03-22 CRISIL AA+/Stable 15-03-21 CRISIL AA+/Stable --
      --   --   -- 07-02-22 CRISIL AA+/Stable   -- --
Long Term Principal Protected Market Linked Debentures LT 4806.4 CRISIL PPMLD AA+/Stable   -- 23-10-23 CRISIL PPMLD AA+/Stable 31-12-22 CRISIL PPMLD AA+ r /Stable 17-12-21 CRISIL PPMLD AA+ r /Stable CRISIL PPMLD AA+ r /Negative
      --   -- 08-05-23 CRISIL PPMLD AA+/Stable 27-09-22 CRISIL PPMLD AA+ r /Stable 28-09-21 CRISIL PPMLD AA+ r /Stable --
      --   -- 07-02-23 CRISIL PPMLD AA+/Stable 27-06-22 CRISIL PPMLD AA+ r /Stable 27-05-21 CRISIL PPMLD AA+ r /Stable --
      --   -- 30-01-23 CRISIL PPMLD AA+ r /Stable 23-06-22 CRISIL PPMLD AA+ r /Stable 23-03-21 CRISIL PPMLD AA+ r /Stable --
      --   --   -- 30-03-22 CRISIL PPMLD AA+ r /Stable 15-03-21 CRISIL PPMLD AA+ r /Stable --
      --   --   -- 07-02-22 CRISIL PPMLD AA+ r /Stable   -- --

All amounts are in Rs.Cr 

Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Bank Guarantee 13 IndusInd Bank Limited CRISIL A1+
Bank Guarantee 325 Axis Bank Limited CRISIL A1+
Bank Guarantee 5 Bank of India CRISIL A1+
Bank Guarantee 135 ICICI Bank Limited CRISIL A1+
Cash Credit & Working Capital Demand Loan 550 State Bank of India CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 425 Citibank N. A. CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 200 HDFC Bank Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 3 ANZ Banking Group Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 60 The Hongkong and Shanghai Banking Corporation Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 550 Indian Bank CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 6 Bandhan Bank Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 200 Canara Bank CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 300 IndusInd Bank Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 25 The Federal Bank Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 704.75 Punjab National Bank CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 550 YES Bank Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 1187.5 Standard Chartered Bank Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 10 Barclays Bank Plc. CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 450 DBS Bank India Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 20 SBM Bank (India) Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 150 UCO Bank CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 300 Indian Overseas Bank CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 150 Bank of Baroda CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 50 DCB Bank Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 550 Union Bank of India CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 200 Central Bank Of India CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 700 Axis Bank Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 150 Kotak Mahindra Bank Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 600 Bank of India CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 350 RBL Bank Limited CRISIL AA+/Stable
Cash Credit & Working Capital Demand Loan 150 ICICI Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 100 Ujjivan Small Finance Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 300 DBS Bank India Limited CRISIL AA+/Stable
Long Term Bank Facility 1800 Punjab National Bank CRISIL AA+/Stable
Long Term Bank Facility 300 Tata Capital Financial Services Limited CRISIL AA+/Stable
Long Term Bank Facility 591.8 The Federal Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 14 Maybank CRISIL AA+/Stable
Long Term Bank Facility 500 DBS Bank India Limited CRISIL AA+/Stable
Long Term Bank Facility 36 Jana Small Finance Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 3230.03 Indian Bank CRISIL AA+/Stable
Long Term Bank Facility 798 Union Bank of India CRISIL AA+/Stable
Long Term Bank Facility 25 Dhanlaxmi Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 90 The Karur Vysya Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 175 Standard Chartered Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 500 UCO Bank CRISIL AA+/Stable
Long Term Bank Facility 175 Citibank N. A. CRISIL AA+/Stable
Long Term Bank Facility 5371.55 Small Industries Development Bank of India CRISIL AA+/Stable
Long Term Bank Facility 229 The South Indian Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 30 Doha Bank CRISIL AA+/Stable
Long Term Bank Facility 241 Bajaj Finance Limited CRISIL AA+/Stable
Long Term Bank Facility 100 DCB Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 50 CSB Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 478.05 Indian Overseas Bank CRISIL AA+/Stable
Long Term Bank Facility 369.86 Bandhan Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 22 Woori Bank CRISIL AA+/Stable
Long Term Bank Facility 17 KEB Hana Bank CRISIL AA+/Stable
Long Term Bank Facility 78 RBL Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 100 Nabkisan Finance Limited CRISIL AA+/Stable
Long Term Bank Facility 829.15 Bank of Maharashtra CRISIL AA+/Stable
Long Term Bank Facility 37 YES Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 1025 IndusInd Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 300 Deutsche Bank A. G. CRISIL AA+/Stable
Long Term Bank Facility 114 State Bank of India CRISIL AA+/Stable
Long Term Bank Facility 200 BNP Paribas CRISIL AA+/Stable
Long Term Bank Facility 3250.31 Axis Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 4749.67 Bank of Baroda CRISIL AA+/Stable
Long Term Bank Facility 100 IDBI Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 2063.01 HDFC Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 683.03 Micro Units Development and Refinance Agency Limited CRISIL AA+/Stable
Long Term Bank Facility 140.65 Equitas Small Finance Bank Limited CRISIL AA+/Stable
Long Term Bank Facility 4679.28 National Bank For Agriculture and Rural Development CRISIL AA+/Stable
Long Term Bank Facility 155.84 Emirates NBD Bank PJSC CRISIL AA+/Stable
Long Term Bank Facility 1438.18 The Hongkong and Shanghai Banking Corporation Limited CRISIL AA+/Stable
Long Term Bank Facility 4413.57 Canara Bank CRISIL AA+/Stable
Long Term Bank Facility 1151.51 Bank of India CRISIL AA+/Stable
Long Term Bank Facility 324.11 Central Bank Of India CRISIL AA+/Stable
Long Term Bank Facility 550 DBS Bank India Limited CRISIL AA+/Stable
Overdraft Facility 1 Bandhan Bank Limited CRISIL AA+/Stable
Proposed Long Term Bank Loan Facility& 1452.15 Not Applicable CRISIL AA+/Stable
Proposed Long Term Bank Loan Facility 10000 Not Applicable CRISIL AA+/Stable
Short Term Bank Facility 330 Sumitomo Mitsui Banking Corporation CRISIL A1+
Short Term Bank Facility 465 Citibank N. A. CRISIL A1+
& - Interchangeable with short-term bank facility
Criteria Details
Links to related criteria
Rating Criteria for Finance Companies
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for hybrid debt instruments of NBFCs/HFCs
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html