ESAF Small Finance Bank Limited — Credit Ratings, 03-09-2025: Credit Rating- Revision

CARE Ratings has downgraded ESAF Small Finance Bank's Tier II Bonds to 'CARE A-, Negative' and Certificate of Deposit to 'CARE A1'. The outlook remains Negative. This reflects sustained weakening in asset quality and profitability, with four consecutive quarters of net losses driven by elevated credit costs and micro-loan stress.