Rating Scale for Collective Investment Schemes
CS 1 High Grade: Schemes rated CS 1 are considered to have high probability of achieving indicated returns. The protective factors are above average.

CS 2 Adequate Grade: Schemes rated CS 2 are considered to have adequate probability of achieving indicated returns. The risks associated with such schemes are higher than schemes rated as CS 1. The protective factors are average. Returns are susceptible to adverse changes in circumstances.

CS 3 Moderate Grade: Schemes rated CS 3 are considered to have moderate probability of achieving indicated returns. The risks associated with such scheme are higher than schemes rated in the higher categories. The protective factors are below average. Adverse changes in circumstances are more likely to affect returns.

CS 4 Inadequate Grade: Schemes rated CS 4 are considered to have inadequate probability of achieving indicated returns. The protective factors are weak. Such schemes are considered to have speculative characteristics.

CS 5 High Risk: Schemes rated CS 5 are considered to have very high risks. Such schemes are Extremely Speculative.



 





Independent Credit Evaluation
Symbol Definition
[ICRA]RP1 Debt facilities/instruments with this symbol are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such debt facilities/instruments carry lowest credit risk.
[ICRA]RP2 Debt facilities/instruments with this symbol are considered to have high degree of safety regarding timely servicing of financial obligations. Such debt facilities/instruments carry very low credit risk.
[ICRA]RP3 Debt facilities/instruments with this symbol are considered to have the adequate degree of safety regarding timely servicing of financial obligations. Such debt facilities/instruments carry low credit risk.
[ICRA]RP4 Debt facilities/instruments with this symbol are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such debt facilities/instruments carry moderate credit risk.
[ICRA]RP5 Debt facilities/instruments with this symbol are considered to have moderate risk of default regarding timely servicing of financial obligations.
[ICRA]RP6 Debt facilities/instruments with this symbol are considered to have high risk of default regarding timely servicing of financial obligations.
[ICRA]RP7 Debt facilities/instruments with this symbol are considered to have very high risk of default regarding timely servicing of financial obligations.
 





Project Finance Ratings
Rating Scale Definitions
[ICRA] PFR1 Based on Fundamentals and Risk Assessment, the project is graded superior, as compared with other similar projects assessed on this scale
 
[ICRA] PFR2+ Based on Fundamentals and Risk Assessment, the project is graded good, as compared with other similar projects assessed on this scale
[ICRA] PFR2
[ICRA] PFR2-
 
[ICRA] PFR3+ Based on Fundamentals and Risk Assessment, the project is graded average, as compared with other similar projects assessed on this scale
[ICRA] PFR3
[ICRA] PFR3-
 
[ICRA] PFR4+ Based on Fundamentals and Risk Assessment, the project is graded low, as compared with other similar projects assessed on this scale
[ICRA] PFR4
[ICRA] PFR4-
 

Recent Releases

  • Update on reason for delay in periodic surveillance

    Rationale / 20 Oct 2020

  • Greentech Mega Food Park Private Limited: Rating continues to remain under issuer Non-Cooperating category, Ratings downgraded based on best available information

    Rationale / 20 Oct 2020

  • Mahindra Agri Solutions Limited: Rating reaffirmed; outlook revised to Positive

    Rationale / 20 Oct 2020