TVS Holdings financials: balance sheet, profit and loss, cash flow

NSE: TVSHLTDBSE: 520056FinanceSmall Cap

TVS Holdings Limited · Formerly Sundaram Clayton · Face value ₹5 · Listed Mar 1988 on BSE, Jul 2010 on NSE

₹11,849.00₹398.00 (3.48%)BSE ₹11,815.05

Share price at the NSE close on 28 Oct 2026. Previous close ₹11,451.00.

28 Oct: open ₹11,519.00, high ₹12,000.00, low ₹11,335.00

52-week range of traded prices to 28 Oct 2026

₹10,790.00Low, 26 Oct 2026₹16,297.00High, 18 Nov 2025

Next results date: the board meets on 28 Oct 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹23,973 Cr274th largest listed
P/E: 12.17
P/B: 3.58
Dividend yield: 0.73%
ROE: 32.3%
ROCE: 14.2%
Debt to equity: 3.21
Volume, NSE: 10,93647.9% delivered

TVS Holdings' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.TVS Holdings annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2024, part of the business was demerged on 24 Aug 2023, and figures before the change include the part that left.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue58,155
Materials and goods−34,894
Employee costs−4,804
Other expenses−9,294
Operating profit9,163
Depreciation−1,406
Other income+70
One-off items−50
Finance costs−2,617
Profit before tax5,160
Tax−1,729
Joint ventures−41
Net profit3,390

What the company owns

Plant, investments and other assets₹53,461 Cr
Cash and bank₹5,403 Cr
Receivables₹2,685 Cr
Inventory₹2,459 Cr

What pays for it: net worth and liabilities

Borrowings₹36,156 Cr
Other liabilities₹14,959 Cr
Net worth₹12,892 Cr

TVS Holdings business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.

Revenue by segment

₹58,428 CrTotal

Automotive Vehicles & Parts₹48,910 Cr83.7% of total
Financial Services₹9,519 Cr16.3% of total

Profit by segment

Automotive Vehicles & Parts₹3,994 Cr72.5% of total
Financial Services₹1,511 Cr27.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Automotive Vehicles & Parts
Revenue, ₹ crore
16,601
21,250
27,368
33,377
37,836
48,910
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
811
1,140
1,679
2,297
2,851
3,994
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financial Services
Revenue, ₹ crore
1,602
1,990
2,239
2,747
4,156
6,247
7,414
9,519
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
759
901
105
148
509
883
1,196
1,511
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
0
1
2
17
4
360
427
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
−2
3
31
−18
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	22,367	20,444	19,197	26,417	34,421	41,557	45,677	58,428
Company revenue, as in its results	21,548	19,859	20,299	25,591	33,564	40,248	44,993	58,155
Revenue	–	16,601	–	21,250	27,368	33,377	37,836	48,910
Revenue growth	–	–	–	–	28.8%	–	13.4%	29.3%
Profit	–	811	–	1,140	1,679	2,297	2,851	3,994
Profit growth	–	–	–	–	47.4%	–	24.1%	40.1%
Margin	–	4.9%	–	5.4%	6.1%	6.9%	7.5%	8.2%
Return on capital	–	55.1%	–	56.8%	72.6%	71.6%	79.1%	80.2%
Assets	–	7,619	–	9,755	11,330	13,360	15,959	20,767
Liabilities	–	6,149	–	7,749	9,018	10,155	12,355	15,784
Capital employed	–	1,470	–	2,006	2,312	3,206	3,604	4,983
Revenue	1,602	1,990	2,239	2,747	4,156	6,247	7,414	9,519
Revenue growth	–	24.2%	12.5%	22.7%	51.3%	–	18.7%	28.4%
Profit	759	901	105	148	509	883	1,196	1,511
Profit growth	–	18.7%	−88.4%	41.8%	243.4%	–	35.4%	26.4%
Margin	47.4%	45.3%	4.7%	5.4%	12.2%	14.1%	16.1%	15.9%
Return on capital	–	60.0%	6.2%	7.2%	16.8%	26.1%	18.2%	19.1%
Assets	–	10,381	12,414	15,672	23,028	28,553	38,223	43,240
Liabilities	–	8,879	10,731	13,609	20,002	25,170	31,670	35,331
Capital employed	–	1,502	1,683	2,063	3,026	3,383	6,552	7,909
Revenue	0	1	2	17	4	360	427	0
Profit	0	0	0	−2	3	31	−18	0
Margin	0.0%	3.2%	6.3%	−12.5%	86.4%	8.7%	−4.3%	–
Return on capital	–	2.4%	0.5%	−9.6%	366.7%	11.9%	–	–
Assets	–	4	32	36	2	2,418	0	0
Liabilities	–	3	8	13	1	2,156	0	0
Capital employed	–	1	25	22	1	262	0	0
Revenue	2,433	1,853	16,956	2,402	2,893	1,573	–	–
Revenue growth	–	−23.8%	815.1%	−85.8%	20.4%	–	–	–
Profit	117	46	884	98	118	−5	–	–
Profit growth	–	−60.4%	1,815.2%	−88.9%	19.8%	–	–	–
Margin	4.8%	2.5%	5.2%	4.1%	4.1%	−0.3%	–	–
Return on capital	–	4.6%	46.1%	3.1%	16.6%	−3.4%	–	–
Assets	–	2,608	8,256	5,089	4,989	395	–	–
Liabilities	–	1,601	6,338	1,898	4,283	255	–	–
Capital employed	–	1,007	1,919	3,190	706	140	–	–
Revenue	18,333	–	–	–	–	–	–	–
Profit	957	–	–	–	–	–	–	–
Margin	5.2%	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.TVS Holdings half-yearly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024Filed 10 May	Mar 2025Filed 28 Apr	Mar 2026
Revenue from operations	14,730	17,903	21,548	19,859	20,299	25,591	33,564	40,248	44,993	58,155
	13,729	16,393	19,209	17,448	17,910	22,603	29,316	34,374	38,075	48,991
Materials and goods bought	9,270	11,717	14,469	12,667	13,227	16,675	21,522	24,866	27,102	34,894
Employee costs	–	–	1,713	1,761	1,879	2,330	3,169	3,539	3,677	4,804
Other expenses	–	–	3,027	3,020	2,804	3,598	4,625	5,969	7,295	9,294
Operating profit before depreciation	1,001	1,510	2,339	2,411	2,388	2,988	4,248	5,874	6,918	9,163
Operating margin	6.8%	8.4%	10.9%	12.1%	11.8%	11.7%	12.7%	14.6%	15.4%	15.8%
Materials, % of revenue	–	–	67.1%	63.8%	65.2%	65.2%	64.1%	61.8%	60.2%	60.0%
Employee costs, % of revenue	–	–	8.0%	8.9%	9.3%	9.1%	9.4%	8.8%	8.2%	8.3%
Other expenses, % of revenue	–	–	14.0%	15.2%	13.8%	14.1%	13.8%	14.8%	16.2%	16.0%
Depreciation and amortisation	377	447	534	649	643	845	986	1,030	1,067	1,406
Operating profit after depreciation	624	1,063	1,805	1,762	1,746	2,143	3,263	4,844	5,852	7,757
Other income	171	148	28	56	63	35	126	34	40	70
Finance costs	88	372	719	910	929	985	1,424	2,043	2,223	2,617
Profit before one-off items and tax	707	839	1,114	908	880	1,193	1,964	2,835	3,668	5,210
One-off items	2	0	0	−61	−22	−12	89	−5	0	−50
Profit before tax	709	839	1,114	848	857	1,181	2,053	2,830	3,668	5,160
	163	212	368	219	262	360	680	1,004	1,214	1,729
Current tax	–	246	371	294	257	387	764	1,098	1,420	1,752
Deferred tax	–	−34	−3	−75	5	−27	−84	−94	−206	−24
Share of profit of joint ventures and associates	1	–	4	−2	−3	3	−40	−44	−75	−41
Profit from discontinued businesses	–	–	–	–	–	–	–	–	30	–
	327	629	750	627	592	824	1,333	1,782	2,409	3,390
Belonging to the company's shareholders	327	338	432	337	324	441	650	800	1,164	1,696
Belonging to outside owners of subsidiaries	–	–	318	289	268	384	684	982	1,245	1,695
Other comprehensive income	–	–	−20	−195	214	0	66	−54	49	499
Total comprehensive income	–	–	730	431	806	824	1,399	1,728	2,458	3,889
Net margin	2.2%	3.5%	3.5%	3.2%	2.9%	3.2%	4.0%	4.4%	5.4%	5.8%
Net margin without joint ventures and associates	2.2%	–	3.5%	3.2%	2.9%	3.2%	4.1%	4.5%	5.5%	5.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 2 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024Filed 10 May	Mar 2025Filed 28 Apr	Mar 2026	Sep 2026Half yearFiled 28 Oct
	3,899	3,980	4,663	7,282	6,045	6,992	10,156	12,892	14,178
	2,474	2,463	2,905	5,079	3,241	2,840	4,687	6,466	6,697
Share capital	10	10	10	10	10	10	10	10	10
Reserves	2,464	2,453	2,894	5,069	3,231	2,830	4,677	6,456	6,687
Belonging to outside owners of subsidiaries	1,426	1,516	1,759	2,203	2,804	4,152	5,469	6,426	7,481
	8,842	9,506	9,852	16,030	25,013	26,232	32,488	36,156	45,553
Repayable after a year	5,293	5,469	6,635	7,741	9,863	–	–	–	–
Repayable within a year	3,549	4,037	3,217	8,289	15,150	–	–	–	–
	8,779	10,707	11,472	14,597	22,334	–	–	–	–
Trade payables	3,343	3,334	4,536	4,910	5,474	–	–	–	–
Other financial liabilities	1,395	2,787	3,091	566	617	–	–	–	–
Other liabilities	405	428	522	705	949	–	–	–	–
Provisions	86	122	105	128	126	–	–	–	–
Tax owed	–	0	–	0	18	–	–	–	–
	5,491	5,925	7,301	8,673	10,971	–	–	–	–
Other financial liabilities	8	251	245	477	620	–	–	–	–
Provisions	113	146	179	224	261	–	–	–	–
Deferred tax	77	59	242	231	226	–	–	–	–
Total assets	18,170	20,612	23,436	30,552	39,350	44,727	54,181	64,008	76,994
	9,259	10,274	12,332	14,669	19,585	–	–	–	–
Plant in use, after depreciation	3,715	4,025	4,071	5,040	5,649	4,319	5,559	6,136	–
Plant being built	615	858	883	329	394	334	668	976	–
Intangible assets	64	184	529	871	837	–	–	–	–
Goodwill	113	113	113	291	308	–	–	–	–
Intangible assets being developed	141	159	167	231	428	–	–	–	–
Property held to earn rent	138	138	138	138	138	–	–	–	–
Investments	491	335	540	143	406	–	–	–	–
Stakes in joint ventures and associates	127	136	133	371	413	–	–	–	–
Loans given	3,625	4,070	5,362	6,716	10,321	–	–	–	–
Other financial assets	33	81	30	138	203	–	–	–	–
Deferred tax	0	–	128	218	306	–	–	–	–
Other assets	198	176	239	184	183	–	–	–	–
	8,910	10,338	11,104	15,883	19,765	–	–	–	–
Inventories	1,623	1,459	1,668	2,013	2,332	4,035	2,417	2,459	3,031
Trade receivables	1,725	1,590	1,207	1,367	1,465	726	1,750	2,685	3,127
Cash and cash equivalents	165	1,131	1,599	3,754	3,899	2,821	4,707	4,621	6,675
Other bank balances	45	30	107	180	29	349	428	782	1,624
Current investments	0	2	0	130	204	–	–	–	–
Loans given	4,600	5,386	5,794	7,299	10,225	–	–	–	–
Other financial assets	113	129	97	135	245	–	–	–	–
Tax paid in advance	36	22	15	13	11	–	–	–	–
Other assets	603	590	618	991	1,354	–	–	–	–
Net debt	8,632	8,344	8,147	11,966	20,881	23,062	27,353	30,753	37,254

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024Filed 10 May	Mar 2025Filed 28 Apr	Mar 2026	Sep 2026Half year
	1,215	−1,548	−4,111	−867	3,535	1,137	−392
	1,274	−1,356	−3,388	–	–	–	–
	1,506	−3,320	−6,463	–	–	–	–
Receivables	356	−169	−6,629	–	–	–	–
Inventories	−209	−345	−319	–	–	–	–
Payables	1,202	374	565	–	–	–	–
Other working capital	156	−3,179	−80	–	–	–	–
Tax paid	−259	−395	−722	–	–	–	–
Interest paid	200	203	0	–	–	–	–
Capital spending	980	1,036	1,485	1,120	2,483	3,293	2,336
Free cash flow	234	−2,584	−5,596	−1,986	1,052	−2,156	−2,728
	−979	−1,705	−1,439	1,533	−3,227	−3,015	−5,446
Plant and property sold	4	16	22	–	–	–	–
Companies bought	0	−617	0	–	–	–	–
Interest received	36	57	125	–	–	–	–
Dividends received	2	4	0	–	–	–	–
	261	3,116	5,979	275	1,579	1,792	7,892
Borrowings raised	1,392	3,463	6,641	–	–	–	–
Borrowings repaid	−792	0	0	–	–	–	–
Interest paid	−200	−166	−244	–	–	–	–
Lease payments	−67	−97	−147	–	–	–	–
Dividends paid	73	85	272	381	424	458	–
Shares bought back	0	0	0	0	43	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	496	−137	429	941	1,886	−86	2,053

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.

Consolidated, ₹ per share, years to March.TVS Holdings dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024Filed 10 May	Mar 2025Filed 28 Apr	Mar 2026
Earnings per share	₹163.21	₹167.12	₹213.59	₹166.63	₹159.98	₹217.84	₹321.10	₹395.60	₹575.41	₹838.12
Diluted earnings per share	₹163.21	₹167.12	₹213.59	₹166.63	₹159.98	₹217.84	₹321.10	₹395.60	₹575.41	₹838.12
Dividend per share	₹31.50	₹15.00	₹36.00	₹31.00	₹26.00	₹44.00	₹59.00	₹94.00	₹93.00	₹86.00
Book value per share	–	–	₹1,222.23	₹1,217.12	₹1,435.07	₹2,509.51	₹1,601.28	₹1,403.20	₹2,315.90	₹3,194.53
Dividend payout	19.5%	9.0%	16.9%	18.6%	16.3%	20.2%	18.4%	23.8%	16.2%	10.3%
Shareholder yield	–	–	–	–	1.2%	1.2%	3.6%	2.3%	2.7%	1.6%
Market cap at the year end (₹ crore)	7,369	9,745	5,849	3,019	6,234	7,234	7,624	16,519	17,377	28,238

Ratios

Consolidated, years to March.TVS Holdings PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024Filed 10 May	Mar 2025Filed 28 Apr	Mar 2026
Revenue growth	16.9%	–	–	−7.8%	2.2%	26.1%	31.2%	–	11.8%	29.3%
Operating profit growth	12.4%	50.8%	54.9%	3.1%	−0.9%	25.1%	42.2%	–	17.8%	32.4%
Net profit growth	34.1%	92.6%	19.2%	−16.4%	−5.5%	39.3%	61.7%	–	35.2%	40.7%
Earnings per share growth	–	2.4%	27.8%	−22.0%	−4.0%	36.2%	47.4%	–	45.5%	45.7%
	–	–	17.5%	13.7%	12.1%	11.0%	15.6%	26.3%	30.9%	30.4%
	–	–	–	−3.8 pts	−1.6 pts	−1.0 pts	4.6 pts	10.7 pts	4.6 pts	−0.5 pts
From the net margin	–	–	–	−2.7 pts	−0.8 pts	1.0 pts	1.4 pts	0.4 pts	7.9 pts	3.9 pts
From asset turnover	–	–	–	−2.0 pts	−1.3 pts	0.4 pts	0.2 pts	0.0 pts	−1.7 pts	2.8 pts
From borrowing	–	–	–	0.9 pts	0.5 pts	−2.4 pts	3.0 pts	10.3 pts	−1.6 pts	−7.3 pts
Return on capital employed	–	–	14.2%	13.1%	12.0%	9.2%	10.5%	14.6%	13.7%	15.8%
Cash conversion	–	–	–	–	205.1%	−187.8%	−308.3%	−48.6%	146.7%	33.5%
Interest cover	7.1	2.9	2.5	1.9	1.9	2.2	2.3	2.4	2.6	3.0
Debt to equity	–	–	2.27	2.39	2.11	2.20	4.14	3.75	3.20	2.80
Receivable days	–	–	29	29	22	19	16	7	14	17
Inventory days	–	–	41	42	46	44	40	59	33	26
Payable days	–	–	84	96	125	107	93	–	–	–
Cash conversion cycle, days	–	–	−14	−25	−57	−44	−37	–	–	–
Working capital days	–	–	59	46	21	79	92	–	–	–
Asset turnover	–	–	1.19	1.02	0.92	0.95	0.96	0.96	0.91	0.98
Assets per rupee of net worth	–	–	7.34	7.86	8.21	6.76	8.40	13.83	13.14	10.60
Sales per rupee of plant	–	–	5.80	4.93	4.99	5.08	5.94	9.32	8.09	9.48
Capital spending to depreciation	–	–	–	–	1.53	1.23	1.51	1.09	2.33	2.34
Plant being built, % of plant in use	–	–	16.6%	21.3%	21.7%	6.5%	7.0%	7.7%	12.0%	15.9%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2024: between the two periods the company demerged a business, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

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.

Return on assets, latest year: 2.9%
Cash from operations against operating profit: 12.4%

Measure	10 years	5 years	3 years
Return on equity, average	–	22.9%	29.2%
Return on capital employed, average	–	12.8%	14.7%
Operating margin, average	12.0%	14.0%	15.2%
Net margin, average	3.8%	4.6%	5.2%
Asset turnover, average	–	0.95	0.95
Interest cover, average	2.9	2.5	2.7
Debt to equity, average	–	3.22	3.25

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 operations	−1,853	3,806	1,137
Cash from investing	−7,854	−4,709	−3,015
Cash from financing	12,740	3,645	1,792
Capital spending	9,417	6,895	3,293
Dividends paid	1,619	1,263	458
Shares bought back	43	43	0
Shares issued for cash	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.62	15.11	19.69	2.66	4.25	8.91
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−1.62	−1.66	−0.26	0.50
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	0.02	−26.35	−12.77	−24.02	–	–	–
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	2.39	9.88	−5.38	−13.24	57.51	−49.11	−26.99
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.06	−0.06	1.60	1.41	–	–	–
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.90	1.28	0.18	0.25	–	0.29	0.49
Effective tax ratePublished threshold 17.16 per cent	22.95	25.25	33.03	25.79	30.59	30.46	33.13	35.48	33.10	33.50
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−2.98	−2.06	−6.12	−1.71	−0.74

A threshold marked as ours has no published figure; it is the line we read the check against.

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 Sep 2026	CARE Ratings Limited	Debentures-Non Convertible Debentures	CARE AA+Review, Re-affirm	Stable	650
8 Sep 2026	CARE Ratings Limited	Preference Shares-Non Convertible Redeemable Preference Share	CARE AA+New, New	Stable	930.68
14 Aug 2026	CRISIL Ratings Limited	Non Convertible Debentures	Crisil AA+Review, Other	Stable	650
13 Apr 2026	CRISIL Ratings Limited	Bank Facilities	WithdrawnReview, Other		650

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.