Rating Symbols and Definitions for Credit Rating Scale

Long term: Original maturity exceeding one year

  Rating Symbol   Rating Definition

IVR AAA

Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities  carry lowest credit risk.

IVR AA

Securities  with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities  carry very low credit risk.

IVR A

Securities with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such securities  carry low credit risk.

IVR BBB

Securities with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such securities  carry moderate credit risk.

IVR BB

Securities with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.

IVR B

Securities with this rating are considered to have high risk of default regarding timely servicing of financial obligations.

IVR C

Securities with this rating are considered to have very high risk of default regarding timely servicing of financial obligations.

IVR D

Securities 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 AA to C. The modifiers reflect the comparative standing within the category.

The above rating scale also applies to rating of bank loans and other instruments.

 

Credit Rating - Short Term Rating Scale

Short term: Original maturity of up to one year

  Rating Symbol   Rating Definition

IVR A1

Securities with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such securities  carry lowest credit risk

IVR A2

Securities with this rating are considered to have strong degree of safety regarding timely payment of financial obligations. Such securities  carry low credit risk.

IVR A3

Securities with this rating are considered to have moderate degree of safety regarding timely payment of financial obligations. Such securities  carry higher credit risk as compared to instruments  rated in the two higher categories.

IVR A4

Securities with this rating are considered to have minimal degree of safety regarding timely payment of financial obligations. Such securities  carry very high credit risk and are susceptible to default.

IVR D

Securities 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 A1 to A4. The modifier reflects the comparative standing within the category

The above rating scale also applies to rating of bank loans and other instruments.