ICRA uses the following scale for assigning RR to SRs.

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.