Aavas Financiers Limited Receives Provisional Credit Rating for Pass-Through Certificates
Aavas Financiers Limited announced today, March 21, 2026, that ICRA Limited has assigned a provisional credit rating of [ICRA]AAA(SO) to Series A1 Pass-Through Certificates (PTCs) issued by Prime Home Loan Trust V. The trust is backed by a pool of home loan receivables and originated by Aavas Financiers Limited.The provisional rating applies to Series A1 PTCs with a principal amount of Rs. 495.61 crore. The “SO” designation indicates that the rating is specific to the structured obligation and does not reflect the general credit quality of Aavas Financiers Limited. Instruments with a [ICRA]AAA(SO) rating are considered to have the highest degree of safety regarding the timely servicing of financial obligations.
According to ICRA Limited, the rating is subject to the fulfillment of certain conditions, including review of documentation, confirmation of yield on the PTCs, a legal opinion on the transaction documentation, and due diligence/audit reports for the pool.
The rating letter from ICRA Limited is available for review. Acceptance of the provisional rating by Aavas Financiers Limited is requested by March 27, 2026.
| Credit Rating Agency | Trust Name | Instrument | Principal Amount (Rs. in crore) | Rating Action | Rating |
|---|---|---|---|---|---|
| ICRA Limited | Prime Home Loan Trust V [SPV under the MBS transaction originated by Aavas Financiers Limited (AAVAS)] backed by pool of home loan receivables | Series A1 PTCs | Rs. 495.61 | Provisional Assigned | Provisional [ICRA]AAA(SO) |
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