Enhanced Standards for Credit Rating Agencies (CRAs) - Clarifications

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..../MIRSD/MIRSD4/CIR/P/2016/119 dated November 01, 2016 on Enhanced Standards for Credit Rating Agencies (CRAs). Based on the representations received from the industry and in consultation with CRAs, following has been decided: I. Point 2D (I) of Annexure A of aforementioned Circular on „Standardization of Press Release for Rating Actions‟ Considering the nature of instruments, follow....

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....atings on watch iv. Ratings of securitization transactions backed by pool of loans, as CRAs are already mandated to disclose at least once in every six months the performance of the rated pool, as per provisions of CIR/MIRSD/CRA/6/2010 dated May 03, 2010. v. Credit quality ratings of mutual fund schemes, provided surveillance of the fund's holdings is carried out by the CRAs on a monthly basis....

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....uch schemes is permitted. However, as units of such schemes are held by many investors, such ratings shall be placed on notice of withdrawal for atleast 30 days, which shall be publicly available on the CRA‟s website. III. Ratings of the aforementioned facilities/ securities can be withdrawn after receiving request for withdrawal from the Asset Management Company (AMC) in case of mutual fu....