Muthoot Finance NCD Oct 2020 vs Muthoot Fincorp NCD June 2020

ICRA has assigned "[ICRA]AA" (pronounced ICRA double A) rating with a Stable outlook, assigned to the captioned Non-Convertible Debenture Programme of your company and last communicated to you vide our letter dated September 15, 2020 and September 25, 2020 stands. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. Within this category rating modifier {"+" (plus) or "-" (minus)} can be used with the rating symbols. The modifier reflects the comparative standing within the category.

CRISIL has assigned its 'CRISIL PP-MLD AAr/Positive' rating to Rs.350 crore Proposed Issuance of Long Term Principal Market Linked Debentures of Muthoot Finance Limited (Muthoot Finance). The ratings on existing debt instruments have been at 'CRISIL AA/CRISIL PP-MLD AAr/Positive/CRISIL A1+'.

The NCDs proposed to be issued under this Issue have been rated "A (Stable)" for an amount of Rs 50,000 lakhs by CRISIL Limited ("CRISIL") vide their letter dated October 10, 2019 and further revalidated by their letters dated December 26, 2019, March 9, 2020 and June 10, 2020, and rated "BWR A +" (Outlook: Stable)' for an amount of Rs 50,000 lakhs, by Brickwork Ratings India Pvt. Ltd. ("Brickworks") vide their letter dated December 12, 2019 and further revalidated by their letter dated March 11, 2020 and June 15, 2020. The rating of CRISIL A (Stable) by CRISIL and BWR A+ (Stable) by Brickworks indicate that instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations and carry lowest credit risk.

Series I to Series IX