Intec Capital financials: balance sheet, profit and loss, cash flow
Intec Capital Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Apr 1995
Last close ₹14.70up ₹0.23 (1.59%)
Share price at the BSE close on 28 Oct 2026. Previous close ₹14.47.
28 Oct: open ₹14.80, high ₹14.80, low ₹14.25
52-week range of traded prices to 28 Oct 2026
₹8.67Low, 10 Mar 2026₹18.69High, 9 Jun 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹27 Cr4,023rd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 9.01
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 0.65
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 7.9%
- NIMNet interest margin. Net interest income ÷ the average assets that earn interest × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026.
- 21.93%
- Cost of fundsCost of funds. Interest paid ÷ the average of what the company pays interest on × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026. Cost of funds in the glossary
- 8.92%
- Credit costCredit cost. What was set aside for loans that may not be repaid ÷ average loans given × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026. Credit cost in the glossary
- −22.90%
- ROAReturn on assets. Profit after tax ÷ average total assets × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. It equals net interest income + other income − operating expenses − provisions + exceptional items − tax + the lines below tax, each on the same base. For the year to Mar 2026.
- 9.16%
- LeverageAssets per rupee of net worth. Average total assets ÷ average net worth: rupees of assets for each rupee of net worth; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026. Assets per rupee of net worth in the glossary
- 1.98times net worth
- Volume, BSEVolume. Shares traded on the last trading day. Volume in the glossary
- 1,074
Intec Capital's financial statements for the 10 years to Mar 2026, as a lender reports them, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.
10 years at a glance
Consolidated, laid out as a lender that is not a bank files them. A lender's lines are blank for the years to Mar 2017, Mar 2018 and Mar 2019: the company's filing for those results has none of them.Intec Capital annual reports
Net interest income, Net profit, ₹ crore
- Net interest income
- Net profit
- Loss
Net interest margin, Return on assets, per cent
- Net interest marginNet interest margin. Net interest income ÷ the average assets that earn interest × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. Net interest margin in the glossary
- Return on assetsReturn on assets. Profit after tax ÷ average total assets × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. It equals net interest income + other income − operating expenses − provisions + exceptional items − tax + the lines below tax, each on the same base. Return on assets in the glossary
Income
₹ crore, years to March.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total incomeTotal income. Everything earned in the period, the total the statement states: for a bank, its interest earned and other income, with any other income line its statement totals; for a finance company, revenue from operations + other income; for a general insurer, premium earned + income from the policyholders' investments + other income; for a life insurer, premiums + the income and gains on the policyholders' investments. Total income in the glossary | – | – | – | 16.2 | 7.0 | 9.8 | 8.5 | 3.9 | 4.5 | 12.1 |
| Interest earned | – | – | – | 13.9 | 5.8 | 3.0 | 3.3 | 2.7 | 1.1 | 10.9 |
| Interest paid | – | – | – | 7.8 | 0.2 | 0.1 | 0.2 | 0.2 | 1.2 | 2.9 |
| Net interest incomeNet interest income. Interest earned − interest paid; for a finance company, interest earned − finance costs. Net interest income in the glossary | – | – | – | 6.1 | 5.6 | 2.9 | 3.1 | 2.4 | 0.0 | 8.0 |
| Other income. Income besides interest, for the period: for a bank, its other income as stated, such as fees, commissions and gains on investments; for a finance company, total income − interest earned, or where total income is not stated, fees and commission + gains on fair value changes + other income. Other income in the glossary | – | – | – | 2.3 | 1.2 | 6.8 | 5.2 | 1.2 | 3.3 | 1.2 |
| Fees and commissionFees and commission. Fees and commissions the finance company charged its customers in the period; given only where interest earned and the other revenue lines add to the revenue from operations stated. Fees and commission in the glossary | – | – | – | 0.4 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other operating revenueOther operating revenue. Revenue from operations besides interest, fees, gains, dividends, rent and sales, for the period; given only where interest earned and the other revenue lines add to the revenue from operations stated. Other operating revenue in the glossary | – | – | – | 0.5 | 0.0 | 6.7 | 3.6 | 1.1 | 2.4 | 0.8 |
| Income outside operationsIncome outside operations. The finance company's income outside its revenue from operations, for the period, as its statement gives it. Income outside operations in the glossary | – | – | – | 1.4 | 1.1 | 0.1 | 1.6 | 0.2 | 0.9 | 0.4 |
| The lines under it are parts of it, not all of it. | – | – | – | 11.9 | 9.9 | 11.9 | 11.5 | 8.0 | 5.9 | 6.1 |
| Profit before provisionsProfit before provisions. Profit before anything is set aside for loans that may not be repaid: for a bank, total income − its expenses other than provisions, as stated, which are interest paid and operating expenses; for a finance company, total income − finance costs − operating expenses. Profit before provisions in the glossary | – | – | – | −3.5 | −3.1 | −2.2 | −3.1 | −4.4 | −2.6 | 3.1 |
| Set aside for bad loansProvisions for bad loans. What was set aside in the period for loans that may not be repaid: for a bank, its provisions other than for tax, which also cover its investments and loans still being repaid; for a finance company, the impairment of its loans and other financial assets. Provisions for bad loans in the glossary | – | – | – | 44.9 | −20.2 | 2.0 | 16.4 | 4.5 | −3.8 | −8.3 |
| Exceptional itemsExceptional items. One-off gains or losses the company states separately, for the period; on a bank's group accounts, not given where the line is the outside owners' share of its subsidiaries' profit. Exceptional items in the glossary | – | – | – | 0.0 | 8.6 | 6.6 | 0.0 | 0.0 | 0.0 | −1.2 |
| Profit before tax | 1.4 | −33.8 | −69.9 | −48.4 | 25.7 | 2.4 | −19.5 | −8.9 | 1.2 | 10.1 |
| 1.0 | −3.4 | −14.4 | −11.0 | 7.9 | 0.1 | 8.6 | −3.2 | 0.9 | 3.2 | |
| Net profitThe lines under it are parts of it, not all of it. | 0.3 | −30.4 | −55.5 | −37.4 | 17.8 | 2.3 | −28.2 | −5.7 | 0.2 | 6.9 |
| Other comprehensive incomeOther comprehensive income. Gains and losses after tax that bypass profit, such as the change in value of some investments and of pension obligations. Other comprehensive income in the glossary | – | – | – | 0.0 | 0.0 | −0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total comprehensive incomeTotal comprehensive income. Profit + other comprehensive income, given where the two come to it. Total comprehensive income in the glossary | – | – | – | −37.4 | 17.8 | 2.2 | −28.1 | −5.6 | 0.2 | 6.9 |
| Earnings per shareEarnings per share. The earnings per share stated for the period ÷ the split factor, so a figure from before a split sits on the same share as today's; a figure the company filed after a split or bonus is already on the new share count and is divided by the splits after its filing day only. Earnings per share in the glossary | ₹0.19 | −₹16.57 | −₹30.24 | −₹20.36 | ₹9.69 | ₹1.24 | −₹15.33 | −₹3.08 | ₹0.24 | ₹3.76 |
| Diluted earnings per shareDiluted earnings per share. That diluted earnings per share on today's share count, restated by the same splits and bonuses as the basic figure. Diluted earnings per share in the glossary | ₹0.19 | −₹16.57 | −₹30.24 | −₹20.36 | ₹9.69 | ₹1.24 | −₹15.33 | −₹3.08 | ₹0.24 | ₹3.76 |
Balance sheet
₹ crore, at 31 March.
| ₹ crore | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Total assetsTotal assets. Everything the company owns, at the period end; for an insurer, whose balance sheet shows its assets net of what it owes in the short term, that net figure + its current liabilities and provisions − any debit balance in its profit and loss account and expenditure not yet written off, and not given where only the net figure is stated. Total assets in the glossary | – | 139 | 142 | 130 | 97 | 95 | 82 | 69 |
| Loans given | – | 65 | 77 | 66 | 56 | 48 | 42 | 31 |
| Investments | – | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DepositsDeposits. Money customers have placed with the company on deposit, at the period end. Deposits in the glossary | – | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BorrowingsBorrowings. Money borrowed, at the period end, deposits left out: for a bank and an insurer, its borrowings as stated; for a finance company, bonds and debentures + loans taken + subordinated debt. Borrowings in the glossary | – | 85 | 72 | 57 | 53 | 55 | 41 | 24 |
| Net worth. Net worth at the period end, the whole group's on group accounts: for a bank, share capital + reserves and surplus; for a finance company, total equity as stated; for a general insurer, share capital + reserves; for a life insurer, shareholders' funds as stated, or share capital + reserves + the fair value change account where they are not. An insurer's is less any debit balance in its profit and loss account and expenditure not yet written off. Not given where the balance sheet states the share capital, the reserves or the net worth as 0. Net worth in the glossary | – | 48 | 66 | 68 | 40 | 34 | 35 | 41 |
| Share capitalShare capital. The face value of every share issued, at the period end; not given where the balance sheet states it, the reserves or the net worth as 0. Share capital in the glossary | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| ReservesReserves. Profits kept in the business and other reserves, at the period end; for an insurer, less any debit balance in its profit and loss account and expenditure not yet written off. Not given where the balance sheet states them, the share capital or the net worth as 0, nor, for a life insurer, where share capital, the reserves, the fair value change account and share application money do not add to the net worth its balance sheet states. Reserves in the glossary | 63 | 30 | 48 | 50 | 22 | 16 | 16 | 23 |
Margins and returns
Per cent a year, on the average of the opening and closing balance sheets.
| Figure | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Net interest margin | – | 7.88% | 4.07% | 5.14% | 4.67% | −0.08% | 21.93% |
| Yield on interest-earning assetsYield on interest-earning assets. Interest earned ÷ the average assets that earn interest × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. Yield on interest-earning assets in the glossary | – | 8.17% | 4.25% | 5.39% | 5.10% | 2.48% | 29.91% |
| Cost of fundsCost of funds. Interest paid ÷ the average of what the company pays interest on × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. | – | 0.26% | 0.21% | 0.27% | 0.42% | 2.42% | 8.92% |
| SpreadSpread. Yield on the assets that earn interest − cost of funds; not given for an insurer. Spread in the glossary | – | 7.90% | 4.05% | 5.11% | 4.69% | 0.06% | 20.99% |
| Cost to incomeCost to income. Operating expenses ÷ (net interest income + other income) × 100. Cost to income in the glossary | 141.92% | 146.48% | 123.07% | 137.43% | 219.05% | 179.72% | 66.65% |
| Credit costCredit cost. What was set aside for loans that may not be repaid ÷ average loans given × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. | – | −28.48% | 2.77% | 26.97% | 8.66% | −8.37% | −22.90% |
| Return on assets | −15.87% | 12.68% | 1.67% | −24.81% | −5.88% | 0.25% | 9.16% |
| Assets per rupee of net worthAssets per rupee of net worth. Average total assets ÷ average net worth: rupees of assets for each rupee of net worth; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. | 3.65 | 2.46 | 2.03 | 2.10 | 2.59 | 2.57 | 1.98 |
| Return on equityReturn on equity. Return on assets × average total assets ÷ average net worth: profit after tax as a percentage of average net worth, a rate per year; not given for an insurer. | −57.83% | 31.24% | 3.39% | −52.14% | −15.23% | 0.64% | 18.17% |
Where the return on assets comes from
Per cent of average total assets, a year. Each line adds to the one below it.
| Per cent | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Net interest income | 2.58% | 3.98% | 2.14% | 2.75% | 2.54% | −0.04% | 10.60% |
| Other income | 0.97% | 0.84% | 4.98% | 4.61% | 1.28% | 3.77% | 1.63% |
| Operating expenses | 5.04% | 7.06% | 8.76% | 10.11% | 8.36% | 6.70% | 8.15% |
| Profit before provisions | −1.49% | −2.24% | −1.64% | −2.75% | −4.54% | −2.97% | 4.08% |
| Set aside for bad loans | 19.05% | −14.36% | 1.45% | 14.44% | 4.69% | −4.28% | −11.05% |
| Exceptional items | 0.00% | 6.16% | 4.88% | 0.00% | 0.00% | 0.00% | −1.65% |
| Profit before tax | −20.54% | 18.28% | 1.78% | −17.20% | −9.23% | 1.31% | 13.47% |
| Tax | −4.67% | 5.60% | 0.11% | 7.61% | −3.35% | 1.06% | 4.31% |
| Associates and businesses sold or closedAssociates and businesses sold or closed. What sits between the tax line and the profit after tax, the group's share of its associates' profit and the result of businesses sold or closing: (profit after tax − (profit before tax − tax)) ÷ average total assets × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. Associates and businesses sold or closed in the glossary | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Return on assets | −15.87% | 12.68% | 1.67% | −24.81% | −5.88% | 0.25% | 9.16% |
Cash flow
Consolidated, ₹ crore, years to March.
| ₹ crore | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operationsCash from operations. Cash the business brought in from its operations in the period, after paying suppliers, staff and tax. Cash from operations in the glossary | 15.2 | 9.5 | 1.5 | 2.7 | 9.8 | 23.7 |
| Capital spendingCapital spending. Cash spent in the period on plant, equipment, buildings and other long-lived assets. Capital spending in the glossary | 0.1 | 0.1 | 0.3 | 0.0 | 0.0 | 0.0 |
| Free cash flowFree cash flow. Cash from operations less capital spending: what is left to repay borrowings, pay dividends or keep. Free cash flow in the glossary | 15.1 | 9.5 | 1.2 | 2.7 | 9.8 | 23.7 |
| Cash from investingCash from investing. Cash spent on, below nought, or received from plant, investments, businesses bought or sold, and interest and dividends received. Cash from investing in the glossary | −1.0 | −0.2 | −0.2 | 0.1 | 1.1 | 0.0 |
| Cash from financingCash from financing. Cash raised from, or paid to, lenders and shareholders: borrowings taken and repaid, interest, lease payments, dividends and shares issued or bought back. Cash from financing in the glossary | −13.6 | −8.1 | −4.2 | 1.2 | −15.4 | −20.8 |
| Dividends paidDividends paid. Cash paid to shareholders as dividends during the period. Dividends paid in the glossary | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Shares bought backShares bought back. Cash spent buying the company's own shares back from shareholders. Shares bought back in the glossary | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Shares issuedShares issued. Cash raised by selling new shares. Shares issued in the glossary | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net change in cashNet change in cash. Cash from operations, investing and financing added together: how much cash and cash equivalents rose or fell over the year, before currency effects. Net change in cash in the glossary | 0.6 | 1.2 | −2.9 | 4.0 | −4.5 | 2.9 |
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.
Growth and returns over 3, 5 and 10 years
Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.
| Measure | 10 years | 5 years | 3 years |
|---|---|---|---|
| Revenue growth, yearly rateRevenue growth, yearly rate. 3 years: Revenue in the latest year ÷ revenue in the year three years before, to the power of one third, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 5 years: Revenue in the latest year ÷ revenue in the year five years before, to the power of one fifth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 10 years: Revenue in the latest year ÷ revenue in the year ten years before, to the power of one tenth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. | −21.4% | 14.8% | 19.3% |
| Profit growth, yearly rateProfit growth, yearly rate. 3 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year three years before, to the power of one third, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 5 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year five years before, to the power of one fifth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 10 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year ten years before, to the power of one tenth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. | 2.5% | −17.2% | – |
| Return on equity, averageReturn on equity, average. 3 years: The plain average of the yearly return on equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | −9.0% | 1.2% |
| Net margin, averageNet margin, average. 3 years: The plain average of the yearly net profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly net profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly net profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | −69.6% | −94.3% | −28.7% |
| Asset turnover, averageAsset turnover, average. 3 years: The plain average of the yearly asset turnover over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly asset turnover over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly asset turnover over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 0.07 | 0.08 |
Where the cash came from and went
Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.
| ₹ crore | 5 years | 3 years | Latest year |
|---|---|---|---|
| Cash from operationsCash from operations. Latest year: Cash from operating activities in the latest year. 3 years: Cash from operating activities added over the last three years, needing every one of them. 5 years: Cash from operating activities added over the last five years, needing every one of them. | 47.3 | 36.2 | 23.7 |
| Cash from investingCash from investing. Latest year: Cash from investing activities in the latest year. 3 years: Cash from investing activities added over the last three years, needing every one of them. 5 years: Cash from investing activities added over the last five years, needing every one of them. | 0.8 | 1.2 | 0.0 |
| Cash from financingCash from financing. Latest year: Cash from financing activities in the latest year. 3 years: Cash from financing activities added over the last three years, needing every one of them. 5 years: Cash from financing activities added over the last five years, needing every one of them. | −47.4 | −35.0 | −20.8 |
| Capital spendingCapital spending. Latest year: Spending on property, plant and equipment in the latest year. 3 years: Spending on property, plant and equipment added over the last three years, needing every one of them. 5 years: Spending on property, plant and equipment added over the last five years, needing every one of them. | 0.4 | 0.0 | 0.0 |
| Dividends paidDividends paid. Latest year: Dividends paid in the latest year. 3 years: Dividends paid added over the last three years, needing every one of them. 5 years: Dividends paid added over the last five years, needing every one of them. | 0.0 | 0.0 | 0.0 |
| Shares bought backShares bought back. Latest year: Shares bought back in the latest year. 3 years: Shares bought back added over the last three years, needing every one of them. 5 years: Shares bought back added over the last five years, needing every one of them. | 0.0 | 0.0 | 0.0 |
| Shares issued for cashShares issued for cash. Latest year: Shares issued for cash in the latest year. 3 years: Shares issued for cash added over the last three years, needing every one of them. 5 years: Shares issued for cash added over the last five years, needing every one of them. | 0.0 | 0.0 | 0.0 |
Credit ratings
An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.
| Date | Agency | Borrowing rated | Rating | Outlook | Amount, ₹ Cr |
|---|---|---|---|---|---|
| 8 Jun 2026 | CARE Ratings Limited | Fund-based-Long TermLong-term scale | CARE D; ISSUER NOT COOPERATING*Review, Re-affirm | 95.36 |
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.