MAS Financial Services’ PTCs re-affirmed with stable credit ratings

MAS Financial Services Limited announced on October 18, 2025, that CARE Ratings Limited has re-affirmed the credit ratings for its Pass Through Certificates (PTCs). The Series A PTCs, with an ISIN of INE348L01012 and an amount of ₹79.00 crore, received a re-affirmation of CARE AAA (SO). The Equity Tranche PTCs, with an ISIN of INE348L01012 and an amount of ₹9.19 crore, also saw their rating re-affirmed at CARE A (SO).

The ratings were assigned on Pass Through Certificates, with a settlement date revised from September 29, 2025, to October 08, 2025. This change led to an adjustment in the quantum of excess interest spread (EIS) from 11.01% to 11.21%, while all other transaction aspects remained unchanged. These ratings are final, based on various submitted documents, including account and assignment agreements, trust deed, and a KYC audit report, ensuring a robust framework for investors.

The underlying pool for these PTCs consists of receivables from micro enterprise, small and medium enterprise, commercial vehicle, and 2-wheeler loans. Key strengths highlighted include a robust transaction structure, comprehensive credit enhancements, and strong underwriting and collection capabilities by MFSL. The ratings are subject to sensitivities such as delinquency rates and collection efficiency, providing transparency for market participants.