PERSISTENTPersistent Systems Limited
Persistent Systems’ proposed NCDs rated AA+ with negative watch by ICRA; issuer rating stays on watch
- Credit rating
- Computers - Software
Persistent Systems Limited has told the exchanges on 9 Oct 2026 that ICRA Limited has assigned a rating of [ICRA]AA+; Rating Watch with Negative Implications to the company’s proposed non-convertible debentures. ICRA’s Issuer Rating on the company also continues at [ICRA]AA+; Rating Watch with Negative Implications.
The disclosure follows the company’s earlier intimations of 21 Jan 2025, 5 Mar 2026 and 7 Jul 2026 on the same subject. The rating letters, dated 9 Oct 2026, were filed along with the intimation.
Inference
A rating watch with negative implications means ICRA is reviewing the rating and a downgrade is possible, so the AA+ level is not confirmed as stable. The same watch status on the issuer rating shows the review covers the company as a whole.
The text reviewed here does not give the size of the proposed debentures or the reason for the watch.
Reference: Original filing (PDF)
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