Rationale

 For the Provisional PP-MLD [ICRA]AA+(CE) (Stable) rating

 The above rating is based on the strength of the presence of a cover pool (30% over-collateralisation as a percentage of the PP-MLD outstanding and accrued interest) to support the servicing of the PP-MLDs in the event of non-payment by CreditAccess Grameen Limited (CAGL). CAGL shall execute an assignment agreement and a power of attorney wherein it would agree to assign the cover pool assets to Archangel Trust 2021 (Trust) on the occurrence of a predefined trigger event (details given in the salient covenants of the rated facility section) during the tenure of the rated facility. With a trigger event, there would not be any requirement of any further deed or action for the assignment by CAGL. Post assignment, the Trust shall become the legal owner of the assigned receivables (i.e. the cover pool assets shall be bankruptcy remote from the other creditors of CAGL). In turn, the Trust will provide an unconditional and irrevocable guarantee to the Debenture Trustee of the rated PP-MLDs and would transfer all collections from the cover pool to the designated account1 under its guarantee obligation.