MASFINMAS Financial Services Ltd
CARE Ratings revises ratings on MAS Financial’s INDIGO 045 pass-through certificates
- Credit rating
- Financial Services
MAS Financial Services Limited has told the exchanges that CARE Ratings Limited has reaffirmed and upgraded the credit ratings on pass-through certificates of a securitisation, INDIGO 045, for which MAS Financial is the originator. The company received the agency’s communication on 13 Oct 2026 and made the disclosure on 14 Oct 2026 under Regulation 30 of the SEBI listing rules.
The filing lists two ratings: ₹21 crore of certificates rated CARE AAA (SO) and ₹9 crore rated CARE A+ (SO). One of the rating actions is described as reaffirmed and the other as an upgrade. CARE’s press release, dated 12 Oct 2026, is attached for reference.
Inference
The “SO” marker means these are ratings of a structured obligation, so they depend on the pool of receivables and the structure of the securitisation rather than on MAS Financial’s own credit. A reaffirmation leaves a rating unchanged, and an upgrade raises it.
The total amount rated is ₹30 crore. The press release attached to the filing is where CARE explains the reasons for each action.
Reference: Original filing (PDF)
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