Rating of Municipal Bonds on the Expected Loss (EL) based Rating Scale

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.... Non-Convertible Securities, Securitized Debt Instruments, Security Receipts, Municipal Debt Securities or Commercial Paper Recognized Stock Exchanges All Depositories registered with SEBI Dear Sir / Madam, Sub: Rating of Municipal Bonds on the Expected Loss (EL) based Rating Scale 1. Para 5.6.1 of the Master Circular for Credit Rating Agencies (CRAs) ("Master Circular") dated May 1....

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....ing of Municipal Bonds which are issued for financing infrastructure assets. 3. This circular shall be applicable with immediate effect. 4. This circular is issued with the approval of competent authority, in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 20 of CRA Regulations to protect the intere....