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Informist, Tuesday, Sept. 1, 2026

--Fitch assigns Capri Global's proposed senior dlr notes 'BB-' expected rtg 

MUMBAI – Fitch Ratings has assigned a "BB-" expected rating to Capri Global Capital Ltd.'s proposed dollar-denominated senior secured bonds, the rating agency said in a release. The final rating remains subject to receipt of final documentation consistent with the information received earlier. The notes will be issued in the international market under the Reserve Bank of India's external commercial borrowing framework.

The proposed notes will be issued under Capri Global's $1 billion global medium-term note programme and will be secured by a first-ranking, pari-passu charge on standard receivables and certain other assets of the issuer. They will be subject to maintenance covenants which require the issuer to meet regulatory capital requirements and to keep its net 90-day non-performing loan ratio at or below 5%. The covenants also require maintenance of a full security coverage ratio at all times.

The proposed notes are rated at the same level as Capri Global's long-term foreign-currency issuer default rating, in line with Fitch's rating criteria. The notes will rank pari-passu with the issuer's other secured obligations. Fitch views this debt as the issuer's primary debt class, as most of its debt is secured and, therefore, a non-payment on these notes would best reflect an uncured failure to pay by the issuer.

The rating is supported by Capri Global's standalone credit profile. It is a mid-sized Indian non-bank finance company whose assets largely comprise gold and housing loans, property-backed SME loans and construction finance. Any negative action on Capri Global's long-term rating would lead to a corresponding action on the expected rating of the proposed notes. Conversely, an upgrade of the long-term rating would result in a similar action on the expected rating of the proposed notes.

At 1323 IST, shares of Capri Global traded at INR 255.75 apiece on the National Stock Exchange, down nearly 0.3%. For the June quarter, the company had reported a net profit of INR 3.14 billion on revenue of INR 12.33 billion.  End

US$1 = INR 94.92

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Janwee Prajapati

Edited by Akul Nishant Akhoury 

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