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Brickwork Ratings (BWR) downgraded ESAF Small Finance Bank's ₹20 Cr Tier II Bonds from BWR A-/Stable to BWR BBB+/Stable. This downgrade reflects continued weakening asset quality, with GNPA ratios over 7%, and persistent losses for five consecutive quarters. These losses are mainly due to higher provisions on weaker assets and ongoing stress in the microfinance sector. Outlook remains Stable.