India Shelter Finance Corporation Limited announced that ICRA Limited has re-affirmed and upgraded the credit ratings for Pass Through Certificates (PTCs) issued under two distinct mortgage loan securitization transactions. Significant upgrades were observed across various series, with some facilities moving to an [ICRA]AAA(SO) rating, reflecting enhanced credit quality and risk assessment by the rating agency for the underlying assets.
Credit Rating Upgrades for Securitization Notes
In compliance with disclosure requirements, India Shelter Finance Corporation Limited has informed the stock exchanges regarding the recent rating action taken by ICRA Limited on its outstanding Pass Through Certificates (PTCs) originating from two separate mortgage loan securitization pools. ICRA has both re-affirmed and upgraded several key tranches, signaling improved creditworthiness of these instruments.
Rating Action Summary: RAFAEL 08 2021 Pool
The first pool, relating to the RAFAEL 08 2021 transaction, saw substantial rating enhancements:
- Series A1 PTCs (Initial amount: ₹29.17 crore): The rating was Re-affirmed at [ICRA]AAA(SO).
- Series A2 PTCs (Initial amount: ₹2.89 crore): The rating was Upgraded from [ICRA]A+(SO) to [ICRA]AA-(SO).
Rating Action Summary: GHAR 09 2022 Pool
The second transaction, GHAR 09 2022, also experienced positive movements:
- Series A1 PTCs (Initial amount: ₹79.06 crore): The rating was Upgraded from [ICRA]AA(SO) to [ICRA]AA+(SO).
- Series A2 PTCs (Initial amount: ₹4.16 crore): The rating was Upgraded from [ICRA]A+(SO) to [ICRA]AA-(SO).
Detailed Rating Comparison Post-Upgrade
The following table summarizes the progression of the ratings based on the current rated amount as of February 26, 2026:
| Facility/Instrument | Current Rated Amount (Rs. in crore) | Previous Rating | Current Rating | Action |
|---|---|---|---|---|
| Series A1- RAFAEL 08 2021 | 8.26 | Not Specified | [ICRA]AAA(SO) | Re-affirmed |
| Series A2- RAFAEL 08 2021 | 2.89 | [ICRA]A+(SO) | [ICRA]AA-(SO) | Upgraded |
| Series A1- GHAR 09 2022 | 36.65 | [ICRA]AA(SO) | [ICRA]AA+(SO) | Upgraded |
| Series A2- GHAR 09 2022 | 4.16 | [ICRA]A+(SO) | [ICRA]AA-(SO) | Upgraded |
The management of India Shelter Finance Corporation Limited confirmed that all stakeholders should take note of these positive rating actions, which reflect the stability and strong performance metrics associated with the underlying mortgage assets supporting these securitized instruments.
Source: BSE
