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15 MAR 2020

Disclosures

Rating Disclosures

Working with CARE

A.Rating Symbols and Definitions for Long /Medium Term Debt Instruments

Symbols Rating Definition
CARE AAA Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.
CARE AA Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
CARE A Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.
CARE BBB Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.
CARE BB Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.
CARE B Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations.
CARE C Instruments with this rating are considered to have very high risk of default regarding timely servicing of financial obligations.
CARE D Instruments with this rating are in default or are expected to be in default soon

Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories CARE AA to CARE C. The modifiers reflect the comparative standing within the category.

Rating Outlook

The rating outlook can be ‘Positive’, ‘Stable’ or ‘Negative’.
A ‘Positive’ outlook indicates an expected upgrade in the credit ratings in the medium term on account of expected positive impact on the credit risk profile of the entity in the medium term.
A ‘Negative’ outlook would indicate an expected downgrade in the credit ratings in the medium term on account of expected negative impact on the credit risk profile of the entity in the medium term.
A ‘Stable’ outlook would indicate expected stability (or retention) of the credit ratings in the medium term on account of stable credit risk profile of the entity in the medium term.

A.Rating Symbols and Definitions for Short Term Debt Instruments

Symbols Rating Definition
CARE A1 Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.
CARE A2 Instruments with this rating are considered to have strong degree of safety regarding timely payment of financial obligations. Such instruments carry low credit risk.
CARE A3 Instruments with this rating are considered to have moderate degree of safety regarding timely payment of financial obligations. Such instruments carry higher credit risk as compared to instruments rated in the two higher categories.
CARE A4 Instruments with this rating are considered to have minimal degree of safety regarding timely payment of financial obligations. Such instruments carry very high credit risk and are susceptible to default.
CARE D Instruments with this rating are in default or expected to be in default on maturity.

Modifier {"+" (plus)} can be used with the rating symbols for the categories CARE A1 to CARE A4. The modifier reflects the comparative standing within the category.

Credit Rating of Debt instruments - Rating Symbols and Definition

Long / Medium-term Instruments (NCD/FD/CD/SO/CPS/RPS/L)

Symbols Rating Definition
CARE AAA Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.
CARE AA Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
CARE A Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.
CARE BBB Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.
CARE BB Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.
CARE B Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations.
CARE C Instruments with this rating are considered to have very high risk of default regarding timely servicing of financial obligations.
CARE D Instruments with this rating are in default or are expected to be in default soon.

Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories CARE AA to CARE C. The modifiers reflect the comparative standing within the category.

Rating Outlook

The rating outlook can be ‘Positive’, ‘Stable’ or ‘Negative’.
A ‘Positive’ outlook indicates an expected upgrade in the credit ratings in the medium term on account of expected positive impact on the credit risk profile of the entity in the medium term.
A ‘Negative’ outlook would indicate an expected downgrade in the credit ratings in the medium term on account of expected negative impact on the credit risk profile of the entity in the medium term.
A ‘Stable’ outlook would indicate expected stability (or retention) of the credit ratings in the medium term on account of stable credit risk profile of the entity in the medium term.

Short-term Instruments (NCD/FD/SO/CPS/RPS/L)

Symbols Rating Definition
CARE A1 Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.
CARE A2 Instruments with this rating are considered to have strong degree of safety regarding timely payment of financial obligations. Such instruments carry low credit risk.
CARE A3 Instruments with this rating are considered to have moderate degree of safety regarding timely payment of financial obligations. Such instruments carry higher credit risk as compared to instruments rated in the two higher categories.
CARE A4 Instruments with this rating are considered to have minimal degree of safety regarding timely payment of financial obligations. Such instruments carry very high credit risk and are susceptible to default.
CARE D Instruments with this rating are in default or expected to be in default on maturity.

Modifier {"+" (plus)} can be used with the rating symbols for the categories CARE A1 to CARE A4. The modifier reflects the comparative standing within the category.

NCD Non Convertible Debenture
FD Fixed Deposit
CD Certificate of Deposit
SO Structured Obligations
CPS Convertible Preference Shares
RPS Redeemable Preference Shares
L Loans

Issuer Rating - Rating Symbols and Definition

Symbols Rating Definition
CARE AAA (Is) Issuers with this rating are considered to offer the highest degree of safety regarding timely servicing of financial obligations. Such issuers carry lowest credit risk.
CARE AA (Is) Issuers with this rating are considered to offer high degree of safety regarding timely servicing of financial obligations. Such issuers carry very low credit risk.
CARE A (Is) Issuers with this rating are considered to offer adequate degree of safety regarding timely servicing of financial obligations. Such issuers carry low credit risk.
CARE BBB (Is) Issuers with this rating are considered to offer moderate degree of safety regarding timely servicing of financial obligations. Such issuers carry moderate credit risk
CARE BB (Is) Issuers with this rating are considered to offer moderate risk of default regarding timely servicing of financial obligations.
CARE B (Is) Issuers with this rating are considered to offer high risk of default regarding timely servicing of financial obligations.
CARE C (Is) Issuers with this rating are considered to offer very high risk of default regarding timely servicing of financial obligations.
CARE D (Is) Issuers with this rating are in default or are expected to be in default soon.

CARE's Issuer Rating (CIR) reflects the overall credit risk of the issuer. The rating scale has been aligned with the long-term instrument rating scale ranging from AAA(Is) (Highest Safety) to D(Is) (Default). 'Is' suffix indicates 'Issuer Rating'

Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories CARE AA (Is) to CARE C (Is). The modifiers reflect the comparative standing within the category.

Rating Outlook

The rating outlook can be ‘Positive’, ‘Stable’ or ‘Negative’.
A ‘Positive’ outlook indicates an expected upgrade in the credit ratings in the medium term on account of expected positive impact on the credit risk profile of the entity in the medium term.
A ‘Negative’ outlook would indicate an expected downgrade in the credit ratings in the medium term on account of expected negative impact on the credit risk profile of the entity in the medium term.
A ‘Stable’ outlook would indicate expected stability (or retention) of the credit ratings in the medium term on account of stable credit risk profile of the entity in the medium term.

Fund Credit Quality Rating - Rating Symbols and Definition

Long Term Debt Mutual Fund Schemes

Symbols Rating Definition
CARE AAAmfs Schemes with this rating are considered to have the highest degree of safety regarding timely receipt of payments from the investments that they have made.
CARE AAmfs Schemes with this rating are considered to have the high degree of safety regarding timely receipt of payments from the investments that they have made.
CARE Amfs Schemes with this rating are considered to have the adequate degree of safety regarding timely receipt of payments from the investments that they have made.
CARE BBBmfs Schemes with this rating are considered to have the moderate degree of safety regarding timely receipt of payments from the investments that they have made.
CARE BBmfs Schemes with this rating are considered to have moderate risk of default regarding timely receipt of payments from the investments that they have made.
CARE Bmfs Schemes with this rating are considered to have high risk of default regarding timely receipt of timely receipt of payments from the investments that they have made.
CARE Cmfs Schemes with this rating are considered to have very high risk of default regarding timely receipt of timely receipt of payments from the investments that they have made.

Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories CARE AAmfs to CARE Cmfs. The modifiers reflect the comparative standing within the category.

Short Term Debt Mutual Fund Schemes

Symbols Rating Definition
CARE A1mfs Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made.
CARE A2mfs Schemes with this rating are considered to have strong degree of safety regarding timely receipt of payments from the investments that they have made.
CARE A3mfs Schemes with this rating are considered to have moderate degree of safety regarding timely receipt of payments from the investments that they have made.
CARE A4mfs Schemes with this rating are considered to have minimal degree of safety regarding timely receipt of payments from the investments that they have made.

Modifier {"+" (plus)} can be used with the rating symbols for the categories CARE A1mfs to CARE A4mfs. The modifier reflects the comparative standing within the category.

CARE's fund quality rating is not a recommendation to purchase, sell, or hold a security/ fund. It neither comments on the current market price or suitability for a particular investor nor on the prospective performance of the fund with respect to appreciation, volatility of net asset value (NAV), or yield of the fund. The ratings do not address the funds ability to meet the payment obligations to the investors.

Recovery Rating - Rating Symbols and Definition

Recovery Rating (RR) Indicative Recovery Expected Definition
RR 1+ 150% and above The RR1+ rating represents that the estimated present value of outstanding SRs* would be above 150% of the face value of outstanding SRs issued.
RR 1 >100 upto150% The RR1 rating represents that the estimated present value of outstanding SRs would be above 100% and upto 150% of the face value of outstanding SRs issued.
RR 2 >75 upto 100% The RR2 rating represents that the estimated present value of outstanding SRs would be above 75% and upto 100% of the face value of outstanding SRs issued.
RR 3 >50 upto 75% The RR3 rating represents that the estimated present value of outstanding SRs would be above 50% and upto 75% of the face value of outstanding SRs issued.
RR 4 >25 upto 50% The RR4 rating represents that the estimated present value of outstanding SRs would be above 25% and upto 50% of the face value of outstanding SRs issued.
RR 5 0 upto 25% The RR5 rating represents that the estimated present value of outstanding SRs would be upto 25% of the face value of outstanding SRs issued.

*SR: Security Receipts

Urban Local Bodies/Municipal Bonds - Symbols and Definition

Symbols Rating Definition
CARE AAA Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.
CARE AA Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
CARE A Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
CARE BBB Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.
CARE BB Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.
CARE B Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations.
CARE C Instruments with this rating are considered to have very high risk of default regarding timely servicing of financial obligations.
CARE D Instruments with this rating are in default or are expected to be in default soon.

Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories CARE AA to CARE C. The modifiers reflect the comparative standing within the category.

Short-term Instruments (NCD/FD/SO/CPS/RPS/L)

Symbols Rating Definition
CARE A1 Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.
CARE A2 Instruments with this rating are considered to have strong degree of safety regarding timely payment of financial obligations. Such instruments carry low credit risk.
CARE A3 Instruments with this rating are considered to have moderate degree of safety regarding timely payment of financial obligations. Such instruments carry higher credit risk as compared to instruments rated in the two higher
CARE A4 I ategories. cnstruments with this rating are considered to have minimal degree of safety regarding timely payment of financial obligations. Such instruments carry very high credit risk and are susceptible to default.
CARE D Instruments with this rating are in default or expected to be in default on maturity.

Modifier {"+" (plus)} can be used with the rating symbols for the categories CARE A1 to CARE A4. The modifier reflects the comparative standing within the category.

NCD Non Convertible Debenture
FD Fixed Deposit
CD Certificate of Deposit
SO Structured Obligations
CPS Convertible Preference Shares
RPS Redeemable Preference Shares
L Loans

Urban Local Bodies under JNNURM - Symbols and Definition

Symbols Rating Definition
CARE AAA (Is) Issuers with this rating are considered to offer the highest degree of safety regarding timely servicing of financial obligations. Such issuers carry lowest credit risk.
CARE AA (Is) Issuers with this rating are considered to offer high degree of safety regarding timely servicing of financial obligations. Such issuers carry very low credit risk.
CARE A (Is) Issuers with this rating are considered to offer adequate degree of safety regarding timely servicing of financial obligations. Such issuers carry low credit risk.
CARE BBB (Is) Issuers with this rating are considered to offer moderate degree of safety regarding timely servicing of financial obligations. Such issuers carry moderate credit risk.
CARE BB (Is) Issuers with this rating are considered to offer moderate risk of default regarding timely servicing of financial obligations.
CARE B (Is) Issuers with this rating are considered to offer high risk of default regarding timely servicing of financial obligations.
CARE C (Is) Issuers with this rating are considered to offer very high risk of default regarding timely servicing of financial obligations.
CARE D (Is) Issuers with this rating are in default or are expected to be in default soon.

CARE's Issuer Rating (CIR) reflects the overall credit risk of the issuer. The rating scale has been aligned with the long-term instrument rating scale ranging from AAA(Is) (Highest Safety) to D(Is) (Default). 'Is' suffix indicates 'Issuer Rating'

Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories CARE AA (Is) to CARE C (Is). The modifiers reflect the comparative standing within the category.

Credit Evaluation of Residual Debt for Resolution Plans under RBI framework

RP1 Debt facilities/instruments with this symbol are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such debt facilities/instruments carry lowest credit risk.
RP2 Debt facilities/instruments with this symbol are considered to have high degree of safety regarding timely servicing of financial obligations. Such debt facilities/instruments carry very low credit risk.
RP3 Debt facilities/instruments with this symbol are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such debt facilities/instruments carry low credit risk.
RP4 Debt facilities/instruments with this symbol are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such debt facilities/instruments carry moderate credit risk.
RP5 Debt facilities/instruments with this symbol are considered to have moderate risk of default regarding timely servicing of financial obligations.
RP6 Debt facilities/instruments with this symbol are considered to have high risk of default regarding timely servicing of financial obligations.
RP7 Debt facilities/instruments with this symbol are considered to have very high risk of default regarding timely servicing of financial obligations.

A. Rating Symbols and Definitions for Long Term Credit Enhanced Instruments. The instruments with original maturity exceeding one year

Symbols Rating Definition
CARE AAA (CE) Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.
CARE AA (CE) Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
CARE A (CE) Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.
CARE BBB (CE) Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.
CARE BB (CE) Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.
CARE B (CE) Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations.
CARE C (CE) Instruments with this rating are considered to have very high likelihood of default regarding timely payment of financial obligations.
CARE D (CE) Instruments with this rating are in default or are expected to be in default soon

Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories CARE AA (CE) to CARE C (CE). The modifiers reflect the comparative standing within the category.

B. Short term Credit Enhanced Instruments: The instruments with original maturity of up to one year.

Symbols Rating Definition
CARE A1 (CE) Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligation. Such instruments carry lowest credit risk.
CARE A2 (CE) Instruments with this rating are considered to have strong degree of safety regarding timely payment of financial obligation. Such instruments carry low credit risk.
CARE A3 (CE) Instruments with this rating are considered to have moderate degree of safety regarding timely payment of financial obligation. Such instruments carry higher credit risk as compared to instruments rated in the two higher categories.
CARE A4 (CE) Instruments with this rating are considered to have minimal degree of safety regarding timely payment of financial obligation. Such instruments carry very high credit risk and are susceptible to default.
CARE D (CE) Instruments with this rating are in default or expected to be in default on maturity.

Modifier {"+" (plus)} can be used with the rating symbols for the categories CARE A1 (CE) to CARE A4 (CE). The modifier reflects the comparative standing within the category.