India Ratings downgrades Spandana Sphoorty to BBB+
India Ratings downgraded Spandana Sphoorty’s loans and debentures from A- to BBB+ due to pressure on profitability on account of elevated credit costs and operating expenses. Gross NPAs were 5.49% and net NPAs 1.21% as of June 2025. Borrower over-indebtedness, high field staff attrition, weekly collection changes, and external factors hit performance, though capital adequacy remains at 46%.