Enhanced Disclosure and Transparency Norms for Credit Rating Agencies

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....embers. B. As defined in the Circular for Enhanced Standards for CRAs dated November 01, 2016, "independent" would mean people not having any pecuniary relationship with the CRA or any of its employees. 2. Disclosures in case of ratings not accepted by an Issuer A. In order to make the disclosures more relevant, it is clarified that all non-accepted ratings shall be disclosed on the CRA's website for a period of 12 months from the date of such rating being disclosed as a non-accepted rating on the CRA's website in the following format: S. No Name of the Issuer Sector (Finance & Banking, Textiles, etc.) Instrument Type (NCD, Preference Shares, CP, CD, etc.) Issue Size (Rs. millions) Date of Non-acceptance Listing Status (Listed/ Unlisted) Rating assigned                   3. Rationalization of disclosures: A. A Rating Summary Sheet presenting a snapshot of the rating actions carried out during the half-year, shall be uploaded by the CRAs on their websites on a half-yearly basis, within 15 days from the end of the half-year (March/ September), in the format specified at Anne....

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....thfully,   Surabhi Gupta Deputy General Manager Tel. No: 022-26449315 Email id: [email protected] ANNEXURE A: Format for Half-Yearly Rating Summary Sheet, segregated for securities and financial instruments other than securities S.No. Parameter No. of ratings Amount of debt rated (Rs. millions) 1. New Ratings     2. Upgrades     a. Total Upgrades     b. Upgrades from Non-Investment to Investment Grade     3. Downgrades     a. Total Downgrades     b. Downgrades from Investment to Non - Investment Grade     4. Defaults     a. Total Defaults     b. Default from Non- Investment Grade     c. Default from Investment Grade:       AAA       AA       A       BBB     5. Change in Ratings assigned post appeal by Issuer in surveillance cases     a. Ratings appealed by the Issuer &nb....

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....p;                     *Will cover only rating changes. Reaffirmations shall be excluded Annexure III - Movement of each credit rating from investment grade to non-investment grade and vice versa Rating Movement from Investment Grade and Non-Investment Grade between Apr - Sep/ Oct - Mar From Investment Grade to Non-Investment Grade S. No Name of the Issuer Sector (Finance & Banking, Textiles, etc.) Type of Instrument being rated (NCD/ Preference Shares/ CP/ CD, etc.) Listing Status (Listed/ Unlisted) Rating prior to Revision Rating post Revision                                   From Non- Investment Grade to Investment Grade   S. No Name of the Issuer Sector (Finance & Banking, Textiles, etc.) Type of Instrument being rated (NCD/ Preference Shares/ CP/ CD, etc.)  Listing Status (Listed/ Unlisted) Rating prior to Revision Rating post Revision           &....

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....                  Rating prior to default - BB category 1                     2                     Rating prior to default - B category 1                     2                     Rating prior to default - B category 1                     2                     Annexure VI B - Short Term Scale S. No Name of the Issuer Sector Instrument Type Issue Size (Rs. millions) Listing Status (Listed/ Unlisted) Rating prior to Default Trigger Event Date of trigger of event/ receiving intimation Date of Default Recognition Rating prior to default - A1 category 1      ....