Rating Symbols and Definitions

Rating symbols are used in terms of alphabets.

Instruments for Rating

CRAs in India rate a large number of financial products:

Bonds/ debentures- [the main product]

Commercial paper

Structured finance products

Bank loans

Fixed deposits and bank certificate of deposits

Mutual fund debt schemes

Initial Public Offers (IPOs)

CRISIL has revised the symbols and definitions of its long-term and short-term credit ratings on debt instruments, structured finance instruments, and debt mutual fund schemes. This is in compliance with a June 15, 2011, Securities and Exchange Board of India (SEBI) circular, “Standardisation of Rating Symbols and Definitions,” which mandates the use of common rating symbols and rating definitions by all credit rating agencies (CRAs). As per the circular, all CRAs are required to revise their rating symbols and definitions as recommended by SEBI. Accordingly, CRISIL has effected changes in rating symbols and definitions with effect from July 11, 2011. The rating symbols and definitions of the following class of instruments have been revised:

Long-term debt instruments;

Short-term debt instruments;

Long-term structured finance instruments;

Short-term structured finance instruments;

Long-term mutual fund schemes; and

Short-term mutual fund schemes.

CRISIL Long Term Debt Instruments Symbols and Definitions

(Period >= 365 Days)

CRISIL Short Term Debt instruments Symbols (Period < 365 Days)

ICRA (Investment Information and Credit Rating Agency of India Limited)