IIFL Finance Limited (IIFL) — Announcement

📢 Key Event
Fitch assigns 'B+' rating to IIFL Finance's USD 300 million senior secured notes

🔄 What Changed
Assigned 'B+' rating and 'RR4' recovery rating to new senior secured notes

💡 Investor Takeaway
The 'B+' rating indicates moderate credit risk but confirms improved funding access for IIFL's expansion plans.

IIFL Finance Limited announced that Fitch Ratings assigned a 'B+' rating to its USD 300 million 7.60% Fixed Rate Senior Secured Notes due July 2030, with a Recovery Rating of 'RR4'. The rating reflects the notes' parity with IIFL's Long-Term Foreign-Currency IDR and secured status backed by collateral and strict covenants requiring 90-day NPL ratios below 5% and 1.0x security coverage. This follows prior approval on July 2, 2026, and pertains to the company's USD 1.5 billion Global Medium Term Note Programme. The move signals improved access to international capital markets at a moderate credit cost, though the 'B+' rating indicates still-elevated risk.

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