ICRA upgrades rating of Senior PTCs of SKS Microfinance

Credit rating agency, ICRA has upgraded rating assigned to Senior PTCs of SKS Microfinance from A1 (SO) to [ICRA] A1+ (SO).

The rating upgrade reflects the good collection performance on the underlying pool so far, the shorter balance tenure for the rated PTCs and the enhanced credit enhancement cover for the rated instrument.

SKS Microfinance is a non-banking finance company (NBFC), registered and regulated by Reserve Bank of India, whose mission is to eradicate poverty by providing financial services to the poor. The company reported a net loss of Rs 218.74 crore for the quarter as compared to a net profit of Rs 66.70 crore for the same quarter last year. Its total income has decreased by 46.35% to Rs 176.72 crore for the quarter under review from Rs 313.61 crore for the corresponding quarter of the previous year.