For securities with original maturity of up to one year.

[ICRA]A1 Securities with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such securities carry lowest credit risk.

[ICRA]A2 Securities with this rating are considered to have strong degree of safety regarding timely payment of financial obligations. Such securities carry low credit risk.

[ICRA]A3 Securities with this rating are considered to have moderate degree of safety regarding timely payment of financial obligations. Such securities carry higher credit risk as compared to securities rated in the two higher categories.

[ICRA]A4 Securities with this rating are considered to have minimal degree of safety regarding timely payment of financial obligations. Such securities carry very high credit risk and are susceptible to default.

[ICRA]D Securities with this rating are in default or expected to be in default on maturity.

Note: Modifier {"+" (plus)} can be used with the rating symbols for the categories [ICRA]A1 to [ICRA]A4. The modifiers reflect the comparative standing within the category. Thus, the rating of [ICRA]A1+ is one notch higher than [ICRA]A1 and so on.

The above rating scale also applies to ratings on bank loans and other instruments.

An Issuer Rating is an opinion on the general creditworthiness of the rated issuer and is not specific to any particular debt instrument.

[ICRA]AAA Issuers with this rating are considered to have the highest degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry lowest credit risk.

[ICRA]AA Issuers with this rating are considered to have high degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry very low credit risk.

[ICRA]A Issuers with this rating are considered to have adequate degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry low credit risk.

[ICRA]BBB Issuers with this rating are considered to have moderate degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry moderate credit risk.

[ICRA]BB Issuers with this rating are considered to have moderate risk of default regarding timely servicing of debt obligations.

[ICRA]B Issuers with this rating are considered to have high risk of default regarding timely servicing of debt obligations.

[ICRA]C Issuers with this rating are considered to have very high risk of default regarding timely servicing of debt obligations.

[ICRA]D Issuers with this rating are in default or are expected to be in default soon.

Note: Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories [ICRA]AA to [ICRA]C. The modifiers reflect the comparative standing within the category. Thus, the rating of [ICRA]AA+ is one notch higher than [ICRA]AA, while [ICRA]AA- is one notch lower than [ICRA]AA.

ICRA also assigns Issuer Ratings to Insurance Companies which are opinions on their ability to pay policy-holder obligations and claims in a timely manner.

Long-term Credit Enhanced Ratings: For securities with original maturity exceeding one year

[ICRA]AAA(CE) Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry lowest credit risk.

[ICRA]AA(CE) Securities with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.

[ICRA]A(CE) Securities with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such securities carry low credit risk.

[ICRA]BBB(CE) Securities with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such securities carry moderate credit risk.

[ICRA]BB(CE) Securities with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.

[ICRA]B(CE) Securities with this rating are considered to have high risk of default regarding timely servicing of financial obligations.

[ICRA]C(CE) Securities with this rating are considered to have very high likelihood of default regarding timely payment of financial obligations.

[ICRA]D(CE) Securities with this rating are in default or are expected to be in default soon.

Note: Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories [ICRA]AA(CE) to [ICRA]C(CE). The modifiers reflect the comparative standing within the category. Thus, the rating of [ICRA]AA+(CE) is one notch higher than [ICRA]AA(CE), while [ICRA]AA-(CE) is one notch lower than [ICRA]AA(CE).

The above rating scale also applies to ratings on bank loans and other instruments.

Short term Credit Enhanced Ratings: For securities with original maturity of up to one year

[ICRA]A1(CE) Securities with this rating are considered to have very strong degree of safety regarding timely payment of financial obligation. Such securities carry lowest credit risk.

[ICRA]A2(CE) Securities with this rating are considered to have strong degree of safety regarding timely payment of financial obligation. Such securities carry low credit risk.

[ICRA]A3(CE) Securities with this rating are considered to have moderate degree of safety regarding timely payment of financial obligation. Such securities carry higher credit risk as compared to securities rated in the two higher categories.

[ICRA]A4(CE) Securities with this rating are considered to have minimal degree of safety regarding timely payment of financial obligation. Such securities carry very high credit risk and are susceptible to default.

[ICRA]D(CE) Securities with this rating are in default or expected to be in default on maturity.

Note: Modifier {"+" (plus)} can be used with the rating symbols for the categories [ICRA]A1(CE) to [ICRA]A4(CE). The modifiers reflect the comparative standing within the category. Thus, the rating of [ICRA]A1+(CE) is one notch higher than [ICRA]A1(CE) and so on.

The above rating scale also applies to ratings on bank loans and other instruments.

Long-term Structured Finance Ratings: For instruments with original maturity exceeding one year

[ICRA]AAA(SO)Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.

[ICRA]AA(SO) Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

[ICRA]A(SO) Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.

[ICRA]BBB(SO) Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.

[ICRA]BB(SO) Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.

[ICRA]B(SO) Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations.

[ICRA]C(SO) Instruments with this rating are considered to have very high likelihood of default regarding timely payment of financial obligations.

[ICRA]D(SO) Instruments with this rating are in default or are expected to be in default soon.

Note: Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories [ICRA]AA(SO) to [ICRA]C(SO). The modifiers reflect the comparative standing within the category. Thus, the rating of [ICRA]AA+(SO) is one notch higher than [ICRA]AA(SO), while [ICRA]AA-(SO) is one notch lower than [ICRA]AA(SO).

Short term Structured Finance Ratings: For instruments with original maturity of up to one year

[ICRA]A1(SO) Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligation. Such instruments carry lowest credit risk.

[ICRA]A2(SO) Instruments with this rating are considered to have strong degree of safety regarding timely payment of financial obligation. Such instruments carry low credit risk.

[ICRA]A3(SO) Instruments with this rating are considered to have moderate degree of safety regarding timely payment of financial obligation. Such instruments carry higher credit risk as compared to instruments rated in the two higher categories.

[ICRA]A4(SO) Instruments with this rating are considered to have minimal degree of safety regarding timely payment of financial obligation. Such instruments carry very high credit risk and are susceptible to default.

[ICRA]D(SO) Instruments with this rating are in default or expected to be in default on maturity.

Note: Modifier {"+" (plus)} can be used with the rating symbols for the categories [ICRA]A1(SO) to [ICRA]A4(SO). The modifiers reflect the comparative standing within the category. Thus, the rating of [ICRA]A1+(SO) is one notch higher than [ICRA]A1(SO) and so on.

Long-term Mutual Fund Ratings: For debt mutual fund schemes that have an original maturity exceeding one year.

[ICRA]AAAmfs Schemes with this rating are considered to have the highest degree of safety regarding timely receipt of payments from the investments that they have made.

[ICRA]AAmfs Schemes with this rating are considered to have the high degree of safety regarding timely receipt of payments from the investments that they have made.

[ICRA]Amfs Schemes with this rating are considered to have the adequate degree of safety regarding timely receipt of payments from the investments that they have made.

[ICRA]BBBmfs Schemes with this rating are considered to have the moderate degree of safety regarding timely receipt of payments from the investments that they have made.

[ICRA]BBmfs Schemes with this rating are considered to have moderate risk of default regarding timely receipt of payments from the investments that they have made.

[ICRA]Bmfs Schemes with this rating are considered to have high risk of default regarding timely receipt of payments from the investments that they have made.

[ICRA]Cmfs Schemes with this rating are considered to have very high risk of default regarding timely receipt of payments from the investments that they have made.

Note: Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories [ICRA]AAmfs to [ICRA]Cmfs. The modifiers reflect the comparative standing within the category. Thus, the rating of [ICRA]AA+mfs is one notch higher than [ICRA]AAmfs, while [ICRA]AA-mfs is one notch lower than [ICRA]AAmfs.

Short term Mutual Fund Ratings:For debt mutual fund schemes that have an original maturity of upto one year.

[ICRA]A1mfs Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made.

[ICRA]A2mfs Schemes with this rating are considered to have strong degree of safety regarding timely receipt of payments from the investments that they have made.

[ICRA]A3mfs Schemes with this rating are considered to have moderate degree of safety regarding timely receipt of payments from the investments that they have made.

[ICRA]A4mfs Schemes with this rating are considered to have minimal degree of safety regarding timely receipt of payments from the investments that they have made.

Note: Modifier {"+" (plus)} can be used with the rating symbols for the categories [ICRA]A1mfs to [ICRA]A4mfs. The modifiers reflect the comparative standing within the category. Thus, the rating of [ICRA]A1+mfs is one notch higher than [ICRA]A1mfs and so on.

Notes

(SO) The letters ‘SO’ in parenthesis suffixed to a rating symbol stand for “Structured Obligation”. The (SO) suffix is used to denote ratings assigned to securitization transactions and capital protection-oriented mutual fund schemes. The (SO) suffix which was earlier used alongside the rating symbol for the debt instruments backed by a guarantee (or any other such form of support) with a well-defined payment mechanism has been replaced with the (CE) suffix w.e.f September 1, 2019.

PP-MLD The letters ‘PP-MLD’ prefixed to a rating symbol stand for “Principal Protected Market Linked Debentures”. According to the terms of the rated instrument, the amount invested, that is the principal, is protected against erosion while the returns on the investment could vary, being linked to movements in one or more variables, such as equity indices, commodity prices, and/or foreign exchange rates. The rating assigned expresses ICRA’s current opinion on the credit risk associated with the issuer concerned. The rating does not address the risks associated with variability in returns resulting from adverse movements in the variable(s) concerned.

(CE) The letters ‘CE’ in parenthesis suffixed to a rating symbol stand for “Credit Enhancement”.The (CE) suffix mentioned alongside the rating symbol indicates that the rated instrument/facility is supported by some form of explicit credit enhancement. A CE rating is specific to the rated instrument/facility, its terms and its structure and does not represent ICRA’s opinion on the general credit quality of the entity concerned.

Provisional The word ‘Provisional’ prefixed to a rating symbol denotes that the rating is contingent upon the occurrence of certain actions or the execution of certain documents. In case the pending actions/ documents are not completed, the rating could either be different or would not have been assigned ab initio.

Rating Outlook

A rating outlook indicates ICRA’s view on the expected direction of the rating movement in the near to medium term.

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Rating Watch

A rating watch indicates ICRA’s view on the expected direction of the rating movement in the short term and becomes applicable when there is an event, the credit implications of which are either unclear or not fully ascertainable immediately.

For more details, refer to ICRA’s policy on Rating Outlook and Rating Watch .

Liquidity indicators for non-financial sector entities

Superior/ Strong: Entities with superior or strong liquidity are likely to meet all their near-term funding requirements and obligations comfortably through internal sources of cash, including the cash generated from operations and cash and cash equivalents held. The dependence of such entities on external funding sources is expected to be minimal.

Adequate: Entities with adequate liquidity are likely to be able to meet their near-term commitments through internal as well as external sources of cash and be left with sufficient cash surpluses.

Stretched: Entities with stretched liquidity are expected to have scarce internal and external funding sources to meet their near-term commitments.

Poor: Entities with poor liquidity are likely to or are already falling short of meeting even their near-term debt repayment obligations, in the absence of commensurate internal and external funding sources.

Liquidity indicators for financial sector entities

Banks

Superior/ Strong: Entities with superior or strong liquidity are expected to have strong cushion in their liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) over regulatory minimum and have an adequate credit-deposit ratio.

Adequate: Entities with adequate liquidity are expected to have adequate cushion in their LCR and NSFR over regulatory minimum and have high credit-deposit ratio.

Stretched: Entities with stretched liquidity are expected to have limited cushion in their LCR and NSFR over regulatory minimum and have very high credit-deposit ratio.

Poor: Entities with poor liquidity are expected to have low cushion or be in breach of regulatory minimum for their LCR and NSFR.

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NBFCs

Superior/ Strong: Entities with superior or strong liquidity are expected to have positive cumulative mismatches in their asset and liability maturity profile over the near term.

Adequate: Entities with adequate liquidity are expected to have minimal negative cumulative mismatches in their asset and liability maturity profile over the near term.

Stretched: Entities with stretched liquidity are expected to have high level of negative cumulative mismatches in their asset and liability maturity profile over the near term.

Poor: Entities with poor liquidity are expected to have very high level of negative cumulative mismatches in their asset and liability maturity profile over the near term.

Note: Cumulative mismatches in asset and liability maturity profile are estimated after factoring-in the undrawn credit lines from banks and financial institutions.

Liquidity indicators for securitization transactions

Superior/ Strong: Superior or strong liquidity indicates that the near-term payout obligations on the instrument are expected to be comfortably met through the underlying pool cash flows and the available credit enhancement.

Adequate: Adequate liquidity indicates that the near-term payout obligations on the instrument are likely to be met through the underlying pool cash flows and the available credit enhancement.

Stretched: Stretched liquidity indicates that the underlying pool cash flows and the available credit enhancement may fall short of meeting the near-term payout obligations on the instrument.

Poor: Poor liquidity indicates that the underlying pool cash flows and the available credit enhancement are highly likely to or are already falling short of meeting the near-term payout obligations on the instrument.

Note: The above is a general description of the liquidity indicators for non-financial sector entities, financial sector entities and securitization transactions considered by ICRA. For a more specific description of the liquidity position of any rated entity, lenders, investors and other market participants may refer to the rating rationale of the entity published on ICRA’s website www.icra.in after September 1, 2019.