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Credit Ratings - Long Term Scale
Rating | Description |
---|---|
CRISIL AAA | Securitieswith this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry lowest credit risk. |
CRISIL AA | Securitieswith this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk. |
CRISIL A | Securitieswith this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Suchsecurities carry low credit risk. |
CRISIL BBB | Securitieswith this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Suchsecurities carry moderate credit risk. |
CRISIL BB | Securitieswith this rating are considered to have moderate risk of default regarding timely servicing of financial obligations. |
CRISIL B | Securitieswith this rating are considered to have high risk of default regarding timely servicing of financial obligations. |
CRISIL C | Securitieswith this rating are considered to have very high risk of default regarding timely servicing of financial obligations. |
CRISIL D | Securitieswith this rating are in default or are expected to be in default soon. |
Note
- The above rating scale also applies to ratings on bank loans and other instruments.
- CRISIL Ratings may apply modifiers {“+” (plus) / "-" (minus)} with the rating symbols for the categories 'CRISIL AA' to 'CRISIL C'. The modifiers reflect the comparative standing within the category.
- CRISIL Ratings may assign rating outlooks for ratings from 'CRISIL AAA' to 'CRISIL B'. Ratings on Rating Watch will not carry outlooks. A rating outlook indicates the direction in which a rating may move over a medium-term horizon of one to two years. A rating outlook can be 'Positive', 'Stable', or 'Negative'. A 'Positive' or 'Negative' rating outlook is not necessarily a precursor of a rating change. CRISIL Ratings may place an outstanding rating on Rating Watch if the issuer announces a merger or acquisition, or de-merger of some business that may impact the credit profile of the rated debt instrument. Ratings may also be placed on watch if the issuer’s credit profile is impacted on account of an action by regulators, or when the impact of specific events on the credit profile cannot be accurately assessed at the point when they occur, and additional information may be necessary for CRISIL Ratings to fully ascertain the creditworthiness of the rated instrument. CRISIL Ratings may place a rating on watch, with positive, negative or developing implications. A listing under rating watch does not imply that a rating will necessarily change, nor is it a prerequisite for rating change.
- A prefix of 'PP-MLD' indicates that the instrument is a principal-protected market-linked debenture. The terms of such instruments indicate that while the issuer promises to pay back the face value/principal of the instrument, the coupon rates of these instruments will not be fixed, and could be linked to one or more external variables such as commodity prices, equity share prices, indices, or foreign exchange rates
- A prefix of 'Provisional' indicates that the rating centrally factors in the completion of certain critical steps/documentation by the issuer for the instrument, without these the rating would either have been different or not assigned ab initio.
- From June 2022, fixed deposit (FD) programmes are rated on the 20-point long-term rating scale. Prior to that, CRISIL Ratings assigned ratings to the FD programmes on a 14-point scale. Please follow this link to refer to previously used 14-point FD rating scale.
Credit Ratings - Short Term Scale
Rating Scale
Rating | Description |
---|---|
CRISILA1 | Securitieswith this rating are considered to have very strong degree of safety regardingtimely payment of financial obligations. Suchsecurities carry lowest credit risk. |
CRISILA2 | Securitieswith this rating are considered to have strong degree of safety regardingtimely payment of financial obligations. Suchsecurities carry low credit risk. |
CRISILA3 | Securitieswith this rating are considered to have moderate degree of safety regardingtimely payment of financial obligations. Such securities carry higher creditrisk as compared to instruments rated in the two higher categories. |
CRISIL A4 | Securitieswith this rating are considered to have minimal degree of safety regardingtimely payment of financial obligations. Suchsecurities carry very high credit risk and are susceptible to default. |
CRISIL D | Securitieswith this rating are in default or expected to be in default on maturity. |
Note
- The above rating scale also applies to ratings on bank loans and other instruments.
- CRISIL Ratings may apply modifier {"+" (plus)} with the rating symbols for the categories 'CRISIL A1' to 'CRISIL A4'. The modifier reflects the comparative standing within the category.
- A prefix of 'PP-MLD' indicates that the instrument is a principal-protected market-linked debenture. The terms of such instruments indicate that while the issuer promises to pay back the face value/principal of the instrument, the coupon rates of these instruments will not be fixed, and could be linked to one or more external variables such as commodity prices, equity share prices, indices, or foreign exchange rates.
- A prefix of 'Provisional' indicates that the rating centrally factors in the completion of certain critical steps/documentation by the issuer for the instrument, without these the rating would either have been different or not assigned ab initio.
Credit Ratings - Long Term Structured Finance Scale
Rating | Description |
---|---|
CRISILAAA (SO) | Instruments with this rating are considered to have the highest degree of safety regardingtimely servicing of financial obligations. Such instruments carry lowest credit risk. |
CRISILAA (SO) | Instrumentswith this rating are considered to have high degree of safety regarding timely servicingof financial obligations. Such instruments carry very low credit risk. |
CRISILA(SO) | Instrumentswith this rating are considered to have adequate degree of safety regardingtimely servicing of financial obligations. Such instruments carry low credit risk. |
CRISIL BBB(SO) | Instrumentswith this rating are considered to have moderate degree of safety regardingtimely servicing of financial obligations. Such instruments carry moderatecredit risk. |
CRISIL BB(SO) | Instrumentswith this rating are considered to have moderate risk of default regardingtimely servicing of financial obligations. |
CRISIL B(SO) | Instrumentswith this rating are considered to have high risk of default regarding timelyservicing of financial obligations. |
CRISIL C(SO) | Instrumentswith this rating are considered to have very high likelihood of default regarding timely payment of financial obligations. |
CRISIL D(SO) | Instrumentswith this rating are in default or are expected to be in default soon. |
Note
- CRISIL Ratings may apply modifiers {"+" (plus) / "-" (minus)} with the rating symbols for the categories 'CRISIL AA (SO)' to 'CRISIL C (SO)'. The modifiers reflect the comparative standing within the category.
- CRISIL Ratings may assign rating outlooks for ratings from 'CRISIL AAA' to 'CRISIL B'. Ratings on Rating Watch will not carry outlooks. A rating outlook indicates the direction in which a rating may move over a medium-term horizon of one to two years. A rating outlook can be 'Positive', 'Stable', or 'Negative'. A 'Positive' or 'Negative' rating outlook is not necessarily a precursor of a rating change. CRISIL Ratings may place an outstanding rating on Rating Watch if the issuer announces a merger or acquisition, or de-merger of some business that may impact the credit profile of the rated debt instrument. Ratings may also be placed on watch if the issuer's credit profile is impacted on account of an action by regulators, or when the impact of specific events on the credit profile cannot be accurately assessed at the point when they occur, and additional information may be necessary for CRISIL Ratings to fully ascertain the creditworthiness of the rated instrument. CRISIL Ratings may place a rating on watch, with positive, negative or developing implications. A listing under rating watch does not imply that a rating will necessarily change, nor is it a prerequisite for rating change.
- A prefix of 'PP-MLD' indicates that the instrument is a principal-protected market-linked debenture. The terms of such instruments indicate that while the issuer promises to pay back the face value/principal of the instrument, the coupon rates of these instruments will not be fixed, and could be linked to one or more external variables such as commodity prices, equity share prices, indices, or foreign exchange rates.
- A prefix of 'Provisional' indicates that the rating centrally factors in the completion of certain critical steps/documentation by the issuer for the instrument, without these the rating would either have been different or not assigned ab initio.
Credit Ratings - Short Term Structured Finance Scale
Rating | Description |
---|---|
CRISILA1(SO) | 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. |
CRISILA2(SO) | Instruments with this rating are considered to have strong degree of safety regarding timely payment of financial obligation. Such instruments carry low credit risk. |
CRISILA3(SO) | 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. |
CRISILA4(SO) | 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. |
CRISIL D(SO) | Instruments with this rating are in default or expected to be in default on maturity. |
Note
- CRISIL Ratings may apply modifier {"+" (plus)} with the rating symbols for the categories 'CRISIL A1(SO)' to 'CRISIL A4(SO)'. The modifier reflects the comparative standing within the category.
- A prefix of 'PP-MLD' indicates that the instrument is a principal-protected market-linked debenture. The terms of such instruments indicate that while the issuer promises to pay back the face value/principal of the instrument, the coupon rates of these instruments will not be fixed, and could be linked to one or more external variables such as commodity prices, equity share prices, indices, or foreign exchange rates.
- A prefix of 'Provisional' indicates that the rating centrally factors in the completion of certain critical steps/documentation by the issuer for the instrument, without these the rating would either have been different or not assigned ab initio.
Credit Ratings - Long Term Credit Enhancement (CE)
Rating | Description |
---|---|
CRISIL AAA(CE) | Securitieswith this rating are considered tohave the highest degree of safety regarding timely servicing of financialobligations. Suchsecurities carry lowest credit risk. |
CRISIL | Securities with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Suchsecurities carry very low credit risk. |
CRISIL A(CE) | Securitieswith this rating are considered tohave adequate degree of safety regarding timely servicing of financialobligations. Suchsecurities carry low credit risk. |
CRISIL BBB(CE) | Securitieswith this rating are considered tohave moderate degree of safety regarding timely servicing of financialobligations. Suchsecurities carry moderate credit risk. |
CRISIL | Securitieswith this rating are considered tohave moderate risk of default regarding timely servicing of financialobligations. |
CRISIL B(CE) | Securitieswith this rating are considered tohave high risk of default regarding timely servicing of financial obligations. |
CRISIL C(CE) | Securitieswith this rating are considered tohave very high likelihood of default regarding timely payment of financialobligations. |
CRISIL D(CE) | Securitieswith this rating are in default orare expected to be in default soon. |
Note
- The above rating scale also applies to ratings on bank loans and other instruments.
- Modifiers {"+" (plus) or "-" (minus)} will be used with the rating symbols for thecategories 'CRISIL AA (CE)' to 'CRISIL C (CE)'. The modifiers reflect the comparative standing within the category.
Credit Ratings - Short Term Credit Enhancement (CE)
Rating | Description |
---|---|
CRISIL A1(CE) | Securitieswith this rating are considered tohave very strong degree of safety regarding timely payment of financialobligation.Such securities carry lowest credit risk. |
CRISIL A2(CE) | Securitieswith this rating are considered tohave strong degree of safety regarding timely payment of financial obligation.Suchsecurities carry low credit risk. |
CRISIL A3(CE) | Securitieswith this rating are considered tohave moderate degree of safety regarding timely payment of financialobligation. Suchsecurities carry higher credit risk as compared toinstruments rated in the two higher categories. |
CRISIL A4(CE) | Securitieswith this rating are considered tohave minimal degree of safety regarding timely payment of financial obligation.Suchsecurities carry very high credit risk and are susceptible to default. |
CRISIL D(CE) | Securitieswith this rating are in default or expected to be in default on maturity. |
Note
- The above rating scale also applies to ratings on bank loans and other instruments.
- Modifier {“+” (plus)} will be used with the rating symbols for the categories 'CRISIL A1 (CE)' to 'CRISIL A4 (CE)'. The modifier reflects the comparative standing within the category.
Credit Ratings - Corporate Credit Rating Scale
Rating | Description |
---|---|
CRISIL AAA | Issuers with this rating are considered to have the highest degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry lowest credit risk. |
CRISIL AA | Issuers with this rating are considered to have high degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry very low credit risk. |
CRISIL A | Issuers with this rating are considered to have adequate degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry low credit risk. |
CRISIL BBB | Issuers with this rating are considered to have moderate degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry moderate credit risk. |
CRISIL BB | Issuers with this rating are considered to have moderate risk of default regarding timely servicing of debt obligations. |
CRISIL B | Issuers with this rating are considered to have high risk of default regarding timely servicing of debt obligations. |
CRISIL C | Issuers with this rating are considered to have very high risk of default regarding timely servicing of debt obligations |
CRISIL D | Issuers with this rating are in default or are expected to be in default soon. |
Note
- Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories 'CRISIL AA' to 'CRISIL C'. The modifiers reflect the comparative standing within the category.
- From December 2022, Corporate Credit Rating are rated on the 20-point long-term rating scale. Prior to that, CRISIL Ratings assigned ratings to the Corporate Credit Rating on a 21-point scale. Please follow thislink(Box 3: CRISIL Ratings' rating scales) to refer to previously used 21-point CCR rating scale.
Questions?
To get a copy of rating reports, pleaseemail us at:
crisilratingdesk@crisil.comFor analytical queries, please email us at:
ratingsinvestordesk@crisil.comFor any other information, pleasecall or email us at:
+1800 267 1301
crisilratingdesk@crisil.com