Infomerics also rates the fixed deposit (FD) programmes of corporates with contracted maturity of more than a year on a point based rating scale which includes modifiers. This is a dedicated rating scale for FDs as per the guidelines of RBI.
The rating methodology for a FD rating will reflect the fundamental credit quality of the issuer and will be largely similar to that for a long term rating. Further, it will also consider aspects such as the issuer's FD repayment profile, FD renewal rate, diversity in funding sources and liquidity position. The FD rating is mapped to the long term rating of the corporate and can be higher than the latter depending on the granularity of the FD programme, the renewal rate and the maturity profile.