IIFL Finance outlook revised to negative by ICRA, ratings reaffirmed

On September 25, 2025, ICRA Limited reaffirmed its [ICRA] AA ratings for IIFL Finance Limited's Non-Convertible Debentures (NCDs), Subordinated Debt Programme, and Long-Term Bank Lines. The PP-MLD[ICRA]AA rating was also reaffirmed for the Long-Term Principal Protected Equity Linked Debenture Programme and Long-Term Principal Protected Market Linked Debenture Programme. However, ICRA revised the outlook for these ratings from 'Stable' to 'Negative'. Additionally, the Commercial Papers of IIFL Finance received a reaffirmation of their [ICRA]A1+ rating.

ICRA also announced the withdrawal of ratings for IIFL Finance's ELDs and MLDs. Furthermore, ratings for Long-Term Bank Lines and NCDs amounting to INR 3,000 crore and INR 5,143.44 crore, respectively, were withdrawn.

Similarly, IIFL Home Finance Limited, a material subsidiary, had its [ICRA] AA ratings reaffirmed for its Non-Convertible Debentures, Subordinated Debt Programme, and Long Term Bank Lines, with the outlook also revised from 'Stable' to 'Negative'. Its Commercial Papers maintained an [ICRA]A1+ rating.