Credit Rating

July 09, 2026 The Manager, The Manager, The Manager, The Manager, Listing Department, Listing Department, Listing Department, Listing Department, BSE Limited, The National Stock India International NSE IFSC Limited Phiroze Jeejeebhoy Exchange of India Ltd., Exchange (IFSC) Limited Unit-1201, 12th Floor, Towers, Dalal Street, Exchange Plaza, 5th 1st Floor, Unit No. 101, Brigade International Mumbai 400 001. Floor, Plot C/1, G The Signature Building Financial Centre, Block- BSE Scrip Code: Block, Bandra - Kurla No. 13B, Road 1C, 14, Road 1C, Zone 1, 532636 Complex, Bandra (E), Zone 1, GIFT SEZ, GIFT SEZ, GIFT City, Mumbai 400 051. GIFT City, Gandhinagar, Gandhinagar, Gujarat – NSE Symbol: IIFL Gujarat – 382050 382355 India INX Symbol: 500058 Subject: Assignment of Credit Rating by Fitch Ratings, Inc. Dear Sir/Madam, Pursuant to provisions of Regulations 30 and 51 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, we wish to inform you that Fitch Ratings, Inc. (“Fitch”), a credit rating agency, has assigned the following rating to the Fixed Rate Senior Secured Notes which are being issued by IIFL Finance Limited as a part of its USD 1.5 billion Global Medium Term Note Programme. Rating Description Rating Issue of USD 300 million 7.60% Fixed Rate Senior Secured Notes due “B+” July 2030 Recovery Rating: “RR4” The rating issued by Fitch is enclosed herewith as “Annexure”. You are requested to take the same on record and oblige. Thanking you Yours faithfully, For IIFL Finance Limited Samrat Sanyal Company Secretary & Compliance Officer ACS – 13863 Email ID: csteam@iifl.com Place: Mumbai Enclosed: as above IIFL Finance Limited CIN No.: L67100MH1995PLC093797 Corporate Office – 802, 8th Floor, Hub Town Solaris, N.S. Phadke Marg, Vijay Nagar, Andheri East, Mumbai 400069 Tel: (91-22) 6788 1000; Fax: (91-22) 6788 1010 Regd. Office – IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, Thane Industrial Area, Wagle Estate, Thane – 400604 Tel: (91-22) 41035000. Fax: (91-22) 25806654 E-mail: csteam@iifl.com Website: www.iifl.com 7/9/26, 9:23 AM Fitch Rates IIFL Finance's USD300 Million Senior Secured Notes Final 'B+'  Sign In | Register Annexure RATING ACTION COMMENTARY Fitch Rates IIFL Finance's USD300 Million Senior Secured Notes Final 'B+' Wed 08 Jul, 2026 - 9:22 PM ET Fitch Ratings - Singapore/Mumbai - 08 Jul 2026: Fitch Ratings has assigned India-based IIFL Finance Limited's (B+/Positive) USD300 million 7.6% senior secured notes due July 2030 a final rating of 'B+' and Recovery Rating of 'RR4'. This follows the receipt of final documentation conforming to information previously received. The final rating is in line with the expected rating assigned on 2 July 2026. The notes are secured by collateral that includes the issuer's specified assets and receivables. The notes are subject to maintenance-based covenants that require the issuer and each of its principal subsidiaries to meet regulatory capital requirements and maintain a net 90-day non-performing loan ratio of no more than 5%. The covenants also require the issuer to maintain a security coverage ratio, comprising standard assets, of at least 1.0x at all times. The notes are issued in the international market under the Reserve Bank of India's external commercial borrowings framework. KEY RATING DRIVERS The senior secured notes are rated at the same level as IIFL Finance's Long-Term Foreign-Currency Issuer Default Rating (IDR), in accordance with Fitch's rating criteria, as they are the issuer's secured obligations and rank pari passu at all times with its other secured obligations. Most of IIFL Finance's debt is secured and Fitch believes non-payment of the senior secured debt would best reflect the uncured failure of the issuer. IIFL Finance can issue unsecured debt in overseas markets, but such debt is likely to constitute a small portion of its funding and thus cannot be viewed as its primary financial obligation. https://www.fitchratings.com/research/non-bank-financial-institutions/fitch-rates-iifl-finance-usd300-million-senior-secured-notes-final-b-08-07-2026 1/8 7/9/26, 9:23 AM Fitch Rates IIFL Finance's USD300 Million Senior Secured Notes Final 'B+' The Recovery Rating on the senior secured debt reflects our expectation of 'Average' recovery prospects in the event of default. This is in line with our criteria for India-based entities with a Long-Term IDR of 'B+' or below. The notes are subject to a cross-acceleration clause, where the acceleration of any debt of the issuer or its principal subsidiaries may constitute an event of default. There has been no adverse lender action over the microfinance subsidiary's breach of certain delinquency-related loan covenants in the financial year ended March 2025, with the relevant delinquency ratio improving over the past 12-18 months. The issuer and its principal subsidiaries continue to meet all repayment obligations. For more information on IIFL Finance's key rating drivers and sensitivities, please see Fitch Revises Outlook on IIFL Finance to Positive; Affirms at 'B+', published 16 October 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Any negative action on IIFL Finance's Long-Term IDR would drive a corresponding action on the rating of the notes. The rating may also be downgraded if we believe that recovery prospects are likely to weaken to below 30% of outstanding senior secured bonds in a liquidation scenario. The Recovery Rating would be revised to 'RR5' in such a scenario. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of IIFL Finance's Long-Term IDR would result in a similar action on the bond rating. Date of Relevant Committee 15-Oct-2025 REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. ESG CONSIDERATIONS https://www.fitchratings.com/research/non-bank-financial-institutions/fitch-rates-iifl-finance-usd300-million-senior-secured-notes-final-b-08-07-2026 2/8 7/9/26, 9:23 AM Fitch Rates IIFL Finance's USD300 Million Senior Secured Notes Final 'B+' IIFL Finance has an ESG Relevance Score of '4' for Management Strategy, as we believe the company's operations and franchise remain sensitive to management's ability to maintain sound implementation of internal controls and return the business to adequate profitability following the lifting of Reserve Bank of India sanctions on its gold loan business. IIFL Finance has an ESG Relevance Score of '4' for Governance Structure, as the history of regulatory action implies there are gaps in the oversight structure and management of compliance risks that may pose a reputational risk for the company. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/topics/esg/products#esg-relevance-scores RATING ACTIONS ENTITY / DEBT  RATING RATING RATING RECOVERY PRIOR  TYPE   ACTION   IIFL Finance Limited senior secured LT B+ New Rating RR4 B+(EXP) VIEW ADDITIONAL RATING DETAILS FITCH RATINGS ANALYSTS Wen Jun Poh Associate Director Primary Rating Analyst +65 6796 2717 wenjun.poh@fitchratings.com Fitch Ratings Singapore Pte Ltd. 1 Wallich Street #19-01 Guoco Tower Singapore 078881 https://www.fitchratings.com/research/non-bank-financial-institutions/fitch-rates-iifl-finance-us [Showing first 8,000 characters — download PDF for full document]