ICRA assigns AAA (Stable) to Rs. 750 crore proposed NCDs; reaffirms issuer rating and existing NCDs

Nexus Select Trust has disclosed ICRA credit ratings dated October 08, 2026.

Thu 8 Oct 2026

Issuer Rating

AAA (Stable) — reaffirmed

Proposed NCDs Rating

INR 750 crore: AAA (Stable) — assigned

Total rated NCD amount

3300.00 crore

ICRA rating actions disclosed

Nexus Select Trust has informed the exchanges about credit ratings received from ICRA Limited, dated October 08, 2026, covering its issuer rating and its non-convertible debentures (NCDs).

Rating actions

• Issuer Rating: [ICRA]AAA(Stable) — Reaffirmed
• Proposed Non-Convertible Debentures: [ICRA]AAA(Stable) — Assigned, size INR 750 crore
• Non-Convertible Debentures: [ICRA]AAA(Stable) — Reaffirmed, for sizes of INR 700 crore, INR 1200 crore, INR 350 crore and INR 300 crore
• Total rated NCD amount: 3300.00 crore

Instrument-wise break-up

• The annexure lists the rated NCDs ISIN-wise: 300.00 crore, 400.00 crore, 600.00 crore, 550.00 crore, 500.00 crore and 200.00 crore, plus a proposed NCD of 750.00 crore, totalling 3300.00 crore.
• The rating date shown for these NCDs is October 06, 2026.

How the ratings stay valid

• Once the instrument is issued, the update states the rating is valid throughout the life of the programme until withdrawn.
• The ratings become due for surveillance within one year from the date of the rating communication letter.
• ICRA reserves the right to review or revise the ratings at any time based on new information becoming available, required information not being available, or other circumstances it believes could impact the ratings.
• The ratings are specific to the terms and conditions of the instruments indicated by the trust. Any change in the terms or size would require a review, and any change in the overall limit would be treated as an enhancement not covered by the rating agreement.

What the update also notes

• The rating is an opinion and should not be treated as a recommendation to buy, sell or hold the rated instrument.
• ICRA has asked the trust to inform it of any default or delay in repayment of interest or principal, or any development that may affect debt servicing capability.
• Complete definitions of the ratings assigned are available on ICRA's website.

How this may be read

• A reaffirmation means the rating stays at the same level as before, while the proposed NCDs have received a rating that has been assigned.
• The disclosure sets out the rating and the amounts it covers, giving investors a view of how the trust's debt instruments are rated by ICRA.

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