Spandana Sphoorty Financial Limited — Credit Ratings, 14-10-2025: Credit Rating

India Ratings (Ind-Ra) assigned 'IND BBB+/Negative' to Spandana Sphoorty's new ₹165 Cr Non-Convertible Debentures. Ind-Ra also reaffirmed this rating for existing ₹955 Cr NCDs and ₹1,500 Cr Bank Loans. The Negative outlook highlights continued asset quality stress and profitability pressure due to high credit and operating costs.