Ratings for Pass Through Certificates (PTCs) linked to Arohan Financial Services Limited have been reaffirmed, supporting investor confidence in structured debt instruments in India's microfinance market. The confirmation applies to certificates issued by Ascent Alpha and backed by microfinance loan receivables, providing additional clarity on their credit quality.
Highlights
- ICRA has reaffirmed the ratings for Pass Through Certificates linked to Arohan Financial Services Limited.
- ICRA's decision was made after considering a comprehensive assessment of the underlying assets and the institution's financial stability.
- The rating reaffirmation may strengthen market confidence in structured investment instruments backed by microfinance.
This article was translated from the original. Read the original version by our correspondent here.
Basis for the rating reaffirmation
According to ICRA, a Moody's affiliate, the ratings for Pass Through Certificates linked to Arohan Financial Services Limited have been reaffirmed. These PTCs were issued by Ascent Alpha and are backed by microfinance loan receivables.The ratings were reaffirmed based on a comprehensive assessment of the underlying assets and the institution's financial stability. The decision is intended to assure investors about the creditworthiness of these debt instruments.
Impact on the microfinance market
Arohan Financial has played an important role in the microfinance sector, and this rating reflects sustained demand for its financial products in the market. Such reaffirmations may support confidence in investment instruments offering structured microfinance exposure.ICRA, which rates debt instruments issued by corporates, banks, non-banking financial companies, financial institutions, public sector undertakings and municipal bodies, enjoys strong market acceptance. Against this backdrop, the reaffirmation is considered a positive signal for securitized instruments backed by microfinance assets.
Our previous report discussed the reaffirmation of the ratings for pass-through certificates backed by microfinance loan receivables of Satin Creditcare Network Limited. It noted that the ratings were retained after a detailed assessment of the underlying portfolio, balance sheet and timely repayment capacity, supporting the acceptance of such structured finance instruments among investors and lenders.
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