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    <title>Amendment to Para 15 of Master Circular for Credit Rating Agencies (CRAs) dated May 16, 2024 (“Master Circular”)</title>
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    <description>Where non-payment of principal and/or interest arises from circumstances beyond the issuer&#039;s control (such as incorrect/dormant investor account details or account freezes), a CRA must confirm availability of adequate funds with the issuer and verify proof of payment failure, the specified reasons for failure, and that required amounts were paid into a separate escrow account on the due date; the CRA must, on the same day as its rating press release, furnish specified payment and failure details to Stock Exchanges, Depositories and the Debenture Trustee for dissemination.</description>
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