Fitch Assigns BB-(EXP) to Capri Global USD Notes

SINGAPORE and MUMBAI — On September 1, 2026, Fitch Ratings announced that it has assigned an expected rating of BB-(EXP) to India-based Capri Global Capital Limited’s proposed U.S. dollar-denominated senior secured notes. The rating action from the international credit rating agency highlights the evolving debt structure and market positioning of the mid-sized Indian non-bank financial company (NBFC) as it looks to tap international debt capital markets.

Rating Rationale and Program Alignment

According to official announcements and rating reports published by Fitch Ratings on September 1, 2026, the expected rating on the senior secured notes is closely aligned with Capri Global Capital Limited’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of BB- with a Stable outlook. Fitch evaluates the proposed debt instruments as ranking pari passu with the issuer's other senior secured obligations. Because a significant portion of Capri Global's existing debt portfolio is secured, Fitch treats these obligations as the company's primary debt class, indicating that non-payment would accurately reflect an uncured default.

Background on Capri Global's Financial Profile

Capri Global Capital Limited operates as a mid-sized Indian non-bank financial institution with a diversified asset base consisting primarily of gold loans, housing loans, property-backed small and medium-sized enterprise (SME) loans, and construction finance. The company’s overall credit profile is anchored by its standalone credit assessment, balancing its expanding mass-market lending footprint against inherent sector-wide risks. Fitch notes that Capri Global maintains an ESG Relevance Score of '4' for Governance Structure due to founder-led shareholding and management concentration, though this risk is partially offset by an expanding institutional shareholder base and professional management team.

Impact on Investors and Market Participants

For global investors, institutional lenders, and market analysts, the assignment of the expected rating provides a clear benchmark for evaluating the credit risk tied to Capri Global’s cross-border debt issuance. The proposed notes enable the non-bank lender to diversify its funding sources away from domestic borrowings while maintaining rigorous alignment with international credit standards. Investors can utilize the expected rating to gauge yield requirements and risk premiums as the company navigates dynamic macroeconomic and interest-rate environments in South Asia.

Official Sources Section

• Fitch Ratings - Fitch Rates Capri Global's Proposed USD Senior Secured Notes 'BB-(EXP)' (September 1, 2026)

• Fitch Ratings - Capri Global Capital Limited Ratings Navigator and Criteria (March–May 2026)

• Capri Global Capital Limited - Official Investor Relations and Credit Rating Disclosures

Quote Section

According to official announcements released by Fitch Ratings, the rating agency stated that the expected rating assigned to Capri Global Capital Limited's proposed U.S. dollar senior secured notes reflects the company's underlying Long-Term Foreign-Currency Issuer Default Rating and its standing as a mid-sized Indian non-bank financial institution.

Why It Matters

The assignment of an expected investment-grade-adjacent rating (BB-) facilitates Capri Global’s access to international capital markets, allowing the lender to secure foreign-currency funding to support its domestic retail and SME loan portfolios. For the broader non-bank financial sector in India, successful international debt issuances validated by major rating agencies demonstrate continued overseas investor confidence in diversified retail asset classes despite shifting domestic gold price trends and regulatory updates.

Key Facts at a Glance

• Rating Agency: Fitch Ratings

• Issuer: Capri Global Capital Limited

• Assigned Rating: BB-(EXP) for proposed U.S. Dollar Senior Secured Notes

• Underlying Issuer Default Rating: BB- with a Stable Outlook

• Core Business Segments: Gold loans, housing loans, property-backed SME loans, and construction finance

FAQ Section

What does the BB-(EXP) rating assigned by Fitch mean? The 'BB-' rating indicates an elevated credit risk profile with speculative elements, while the '(EXP)' modifier denotes an expected rating pending the final review of documentation and executed transaction terms.

How does this rating relate to Capri Global's existing credit standing? The expected rating on the senior secured notes is directly tied to Capri Global Capital Limited's Long-Term Foreign-Currency Issuer Default Rating of BB- with a Stable outlook.

What are the primary asset classes managed by Capri Global? Capri Global’s asset portfolio is primarily composed of gold loans, affordable housing loans, property-backed SME loans, and construction finance.

Why are international debt issuances important for Indian NBFCs? Issuing U.S. dollar-denominated notes enables non-bank financial institutions to diversify their funding mix away from domestic bank lines and tap broader global liquidity pools.

Source: Fitch Ratings, Capri Global Capital Limited Disclosures