ICRA Limited

Ratings Methodologies

Rating Scale

Guide to Credit Ratings

Ratings Performance

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Recovery Rating	Implied Recovery	Rating Definition
RR1+	> 150%	The rating of RR1+ indicates that the present value of anticipated recoveries is more than 150% of the face value outstanding of the SRs.
RR1	100% - 150%	The rating of RR1 indicates that the present value of anticipated recoveries is in the range of 100%-150% of the face value outstanding of the SRs.
RR2	75% - 100%	The rating of RR2 indicates that the present value of anticipated recoveries is in the range of 75%-100% of the face value outstanding of the SRs.
RR3	50% - 75%	The rating of RR3 indicates that the present value of anticipated recoveries is in the range of 50%-75% of the face value outstanding of the SRs.
RR4	25% - 50%	The rating of RR4 indicates that the present value of anticipated recoveries is in the range of 25%-50% of the face value outstanding of the SRs.
RR5	0% - 25%	The rating of RR5 indicates that the present value of anticipated recoveries is in the range of 0%-25% of the face value outstanding of the SRs.

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