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    <title>S &#039;B+/B&#039; Ratings Affirmed</title>
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    <description>S&amp;P revised IIFL Finance&#039;s outlook to Positive from Stable while affirming &#039;B+/B&#039; ratings and the &#039;B+&#039; foreign currency issue rating, citing a recovery in gold-backed lending, strengthened market share after a central bank embargo was lifted, very strong capitalization supporting growth, projected RAC ratio moderating to 18%-19%, anticipated improvement in return on assets to 2.3%-2.6% driven by lower credit costs, and expectation that credit costs peaked in fiscal 2026 and will decline to about 2.2%-2.3%.</description>
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