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Rating Scale

Brickwork Ratings (BWR) Rating Symbols and definitions

Brickwork Ratings (BWR) has adopted SEBI’s standardized Rating Symbols and their definition vide SEBI circular CIR/MIRSD/4/2011 dated June 15, 2011 in respect of the following types of Instruments, with effect from June 21, 2011

  1. Long term debt instruments - instruments with original maturity exceeding one year
    BWR AAA
    (BWR Triple A)
    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.
    BWR AA
    (BWR Double 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.
    BWR 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.
    BWR BBB
    (BWR Triple B)
    Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.
    BWR BB
    (BWR Double B)
    Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.
    BWR B Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations.
    BWR C Instruments with this rating are considered to have very high risk of default regarding timely servicing of financial obligations.
    BWR D Instruments with this rating are in default or are expected to be in default soon.
    Note:
    • Modifier {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories BWR AA to BWR C to reflect the comparative standing within the category.
    • BWR assigns rating “outlook” for ratings from 'AAA' to 'B'. The Rating outlook indicates the direction a rating is likely to move over a period of time and may be classified as Positive, Stable or Negative.
    • NS (Not Significant) Rating
      BWR may assign NS (Not Significant) Rating when an existing rating ceases to have any significant relevance for reasons which such as the issuer undergoing any structural changes or temporary protection from the regulators/ courts/ bankruptcy laws.
  2. Short term debt instruments- instruments with original maturity of/upto one year
    BWR 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.
    BWR 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.
    BWR 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.
    BWR 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.
    BWR D Instruments with this rating are in default or expected to be in default on maturity.
    Note:
    • 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 mapping of long to short term ratings has been explained elsewhere in the criteria.
    • NS (Not Significant) Rating
      BWR may assign NS (Not Significant) Rating when an existing rating ceases to have any significant relevance for reasons which such as the issuer undergoing any structural changes or temporary protection from the regulators/ courts/bankruptcy laws.
  3. Principal Protected Market Linked Debentures - Long term debt instruments - instruments with original maturity exceeding one year
    BWR PP-MLD 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.
    BWR PP-MLD 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.
    BWR PP-MLD 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.
    BWR PP-MLD 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.
    BWR PP-MLD BB Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.
    BWR PP-MLD B Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations.
    BWR PP-MLD C Instruments with this rating are considered to have very high risk of default regarding timely servicing of financial obligations.
    BWR PP-MLD D Instruments with this rating are in default or are expected to be in default soon.
    Note:
    • Modifier {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories BWR PP-MLD AA to BWR PP-MLD C to reflect the comparative standing within the category.
    • BWR assigns rating “outlook” for ratings from 'AAA' to 'B'. The Rating outlook indicates the direction a rating is likely to move over a period of time and may be classified as Positive, Stable or Negative.
    • NS (Not Significant) Rating
      BWR may assign NS (Not Significant) Rating when an existing rating ceases to have any significant relevance for reasons which such as the issuer undergoing any structural changes or temporary protection from the regulators/ courts/ bankruptcy laws.
  4. Principal Protected Market Linked Debentures - Short term debt instruments- instruments with original maturity of/upto one year
    BWR PP-MLD 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.
    BWR PP-MLD 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.
    BWR PP-MLD 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.
    BWR PP-MLD 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.
    BWR PP-MLD D Instruments with this rating are in default or expected to be in default on maturity.
    Note:
    • 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 mapping of long to short term ratings has been explained elsewhere in the criteria.
    • NS (Not Significant) Rating
      BWR may assign NS (Not Significant) Rating when an existing rating ceases to have any significant relevance for reasons which such as the issuer undergoing any structural changes or temporary protection from the regulators/ courts/ bankruptcy laws.
  5. Long term structured finance instruments- instruments with original maturity exceeding one year
    BWR AAA (SO)
    (BWR Triple A (SO))
    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.
    BWR AA (SO)
    (BWR Double A (SO))
    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.
    BWR A (SO) Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.
    BWR BBB (SO)
    (BWR Triple B (SO))
    Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.
    BWR BB (SO)
    (BWR Double B (SO))
    Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.
    BWR B (SO) Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations.
    BWR C (SO) Instruments with this rating are considered to have very high likelihood of default regarding timely payment of financial obligations.
    BWR D Instruments with this rating are in default or are expected to be in default soon.
    Note:
    • Modifier {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories BWR AA(SO) to BWR C(SO). The modifiers reflect the comparative standing within the category.
    • BWR assigns rating “outlook” for ratings from 'AAA' to 'B'. The Rating outlook indicates the direction a rating is likely to move over a period of time and may be classified as Positive, Stable or Negative.
    • NS (Not Significant) Rating
      BWR may assign NS (Not Significant) Rating when an existing rating ceases to have any significant relevance for reasons which such as the issuer undergoing any structural changes or temporary protection from the regulators/ courts/ bankruptcy laws.
  6. Short term structured finance instruments- instruments with original maturity of/upto one year
    BWR A1 (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.
    BWR A2 (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.
    BWR A3 (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.
    BWR A4 (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.
    BWR D Instruments with this rating are in default or expected to be in default on maturity.
    Note:
    • Modifier {"+" (plus)} can be used with the rating symbols for the categories A1(SO) to A4(SO). The modifier reflects the comparative standing within the category.
    • NS (Not Significant) Rating
      BWR may assign NS (Not Significant) Rating when an existing rating ceases to have any significant relevance for reasons which such as the issuer undergoing any structural changes or temporary protection from the regulators/ courts/ bankruptcy laws.
  7. Long term debt mutual fund schemes- debt mutual fund schemes that have an original maturity exceeding one year.
    BWR 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.
    BWR AAmfs Schemes with this rating are considered to have high degree of safety regarding timely receipt of payments from the investments that they have made.
    BWR Amfs Schemes with this rating are considered to have adequate degree of safety regarding timely receipt of payments from the investments that they have made.
    BWR BBBmfs Schemes with this rating are considered to have moderate degree of safety regarding timely receipt of payments from the investments that they have made.
    BWR 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.
    BWR 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.
    BWR 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.
    Note:
    • Modifier {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories AAmfs to Cmfs. The modifiers reflect the comparative standing within the category.
  8. Short term debt mutual fund schemes- debt mutual fund schemes that have an original maturity of/upto one year.
    BWR 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.
    BWR 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.
    BWR 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.
    BWR 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.
    Note:
    • Modifier {"+" (plus)} can be used with the rating symbols for the categories A1mfs to A4mfs. The modifier reflects the comparative standing within the category.

    BWR Rating symbols and definitions for other types of ratings not covered under SEBI circular CIR/MIRSD/4/2011 dated June 15. 2011.

  9. Infrastructure Debt Funds under Mutual Funds Scheme
    BWR AAAidf mfs 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.
    BWR AAidf mfs Schemes with this rating are considered to have high degree of safety regarding timely receipt of payments from the investments that they have made.
    BWR Aidf mfs Schemes with this rating are considered to have adequate degree of safety regarding timely receipt of payments from the investments that they have made.
    BWR BBBidf mfs Schemes with this rating are considered to have moderate degree of safety regarding timely receipt of payments from the investments that they have made.
    BWR BBidf mfs Schemes with this rating are considered to have moderate risk of safety regarding timely receipt of payments from the investments that they have made.
    BWR Bidf mfs Schemes with this rating are considered to have high risk of safety regarding timely receipt of payments from the investments that they have made.
    BWR Cidf mfs Schemes with this rating are considered to have very high risk of safety regarding timely receipt of payments from the investments that they have made.
    Note:
    • Modifier {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories AAidf mfs to Cidf mfs. The modifiers reflect the comparative standing within the category
  10. Issuer Ratings
    BWR AAA
    (BWR Triple A)
    Issuer with ‘AAA’ rating is considered to offer the highest degree of credit worthiness.
    BWR A Issuer with ‘A’ rating is considered to offer adequate degree of credit worthiness.
    BWR BBB
    (BWR Triple B)
    Issuer with this rating is considered to offer moderate degree of credit worthiness.
    BWR BB
    (BWR Double B)
    Issuer with this rating is considered to offer inadequate degree of credit worthiness.
    BWR B Issuer with this rating is considered to offer low degree of credit worthiness.
    BWR C Issuer with this rating is considered to offer very low degree of credit worthiness.
    BWR D Issuer with this rating is in default or expected to default on maturity.
    Note:
    • {“+” (plus) “-” (minus)} modifiers can be used with BWR AA to BWR C. The modifiers reflect the comparative standing for the same rating category.
    • BWR assigns Rating “outlook” for Ratings 'AAA' to 'B'. The Rating outlook indicates the direction a rating is likely to move over a period of time and may be classified as Positive, Stable or Negative.
  11. Fixed Deposit Ratings Scale - Effective from August 27, 2014 The New FD Rating scale is similar to the Standardized Rating scale for Long Term debt Instruments (Instruments with original maturity exceeding one year) which was adopted by Brickwork Ratings on June 21, 2011.
    BWR FAAA
    (BWR F Triple A)
    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.
    BWR FAA
    (BWR F Double A)
    Instruments with this rating are considered to have high degree safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
    BWR FA
    (BWR F Single 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.
    BWR FBBB
    (BWR F Triple B)
    Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.
    BWR FBB
    (BWR F Double B)
    Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.
    BWR FB Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations.
    BWR FC Instruments with this rating are considered to have very high risk of default regarding timely servicing of financial obligations.
    BWR FD Instruments with this rating are in default or are expected to be in default soon.
    Note:
    • Modifier {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories BWR FAA to BWR FC. The modifiers reflect the comparative standing within the category.
    • NS (Not Significant) Rating
      BWR may assign NS ( Not Significant) Rating when an existing rating ceases to have any significant relevance for reasons, such as the issuer undergoing any structural changes or temporary protection from the regulators/ courts/ bankruptcy laws.
    • BWR Assigns rating outlook for Ratings BWR FAAA to FB. The Rating Outlook indicates the medium term direction that the rating may possibly move in; a rating is likely to move over period of time and may be classified as Positive, Stable or Negative.
    • BWR Speculative grade ratings are lower than FBBB. As such , BWR FBB, BWR FB, BWR FC or BWR FD ratings are considered to have speculative characteristics. BWR’s lowest rating category of BWR FD is normally event specific.
  12. Fixed Deposit Ratings Scale for Short Term Instruments with original maturity up to 1 year
    BWR F 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.
    BWR F 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.
    BWR F 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.
    BWR F 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.
    BWR F D Instruments with this rating are in default or expected to be in default on maturity.
    Note:
    • Modifier {"+" (plus)} can be used with the rating symbols for the categories A1 to A4. The modifier reflects the comparative standing within the category.
    • NS (Not Significant) Rating
      BWR may assign NS (Not Significant) Rating when an existing rating ceases to have any significant relevance for reasons which such as the issuer undergoing any structural changes or temporary protection from the regulators/ courts/bankruptcy laws.
  13. Corporate Governance
    BWR CG 1 Quality of Corporate Governance is the highest
    BWR CG 2 Quality of Corporate Governance is very high
    BWR CG 3 Quality of Corporate Governance is high
    BWR CG 4 Quality of Corporate Governance is adequate
    BWR CG 5 Quality of Corporate Governance is moderate
    BWR CG 6 Quality of Corporate Governance is inadequate
    BWR CG 7 Quality of Corporate Governance is low
    BWR CG 8 Quality of Corporate Governance is the lowest
  14. SME Ratings
    BWR SME 1 Highest credit worthiness in relation to other SMEs.
    BWR SME 2 High credit worthiness in relation to other SMEs.
    BWR SME 3 Good credit worthiness in relation to other SMEs.
    BWR SME 4 Above Average credit worthiness in relation to other SMEs.
    BWR SME 5 Average credit worthiness in relation to other SMEs.
    BWR SME 6 Below Average credit worthiness in relation to other SMEs.
    BWR SME 7 Weak credit worthiness in relation to other SMEs.
    BWR SME 8 Poor credit worthiness in relation to other SMEs.
  15. NSIC - BWR Performance and Credit Rating Scale for Micro and Small Enterprises
    BWR MSE 1 Highest credit worthiness in relation to other MSEs
    BWR MSE 2 High credit worthiness in relation to other MSEs
    BWR MSE 3 Good credit worthiness in relation to other MSEs
    BWR MSE 4 Above Average credit worthiness in relation to other MSEs
    BWR MSE 5 Average credit worthiness in relation to other MSEs
    BWR MSE 6 Below Average credit worthiness in relation to other MSEs
    BWR MSE 7 Weak credit worthiness in relation to other MSEs
    BWR MSE 8 Poor credit worthiness in relation to other MSEs
    Financial Strength
    Highest
    High
    Good
    Above Average
    Average
    Below Average
    Weak
    Poor
    Operating Performance
    Highest
    High
    Average
    Weak
    Poor
  16. Security Receipts Ratings
    BWR RR1+ Recovery Value of the Underlying Assets is greater than 150% of SR Face Value.
    BWR RR1 Recovery Value of the underlying assets in the range of over 100% - 150% of SR Face Value.
    BWR RR2 Recovery Value of the underlying assets in the range of over 75% - 100%of SR Face Value.
    BWR RR3 Recovery Value of the underlying assets in the range of over 50% - 75% of SR Face Value.
    BWR RR4 Recovery Value of the underlying assets in the range of 25% - 50% of SR Face Value.
    BWR RR5 Recovery Value of the underlying assets less than 25% of SR Face Value.
  17. Insurance Ratings
    BWR AAA efs The Highest degree of EWRM Capabilities and financial strength to meet ongoing policyholders obligations
    BWR AA efs High degree of EWRM Capabilities and financial strength to meet ongoing policyholders obligations
    BWR A efs Adequate degree of EWRM Capabilities and financial strength to meet ongoing policyholders obligations
    BWR BBB efs Moderate degree of EWRM Capabilities and financial strength to meet ongoing policyholders obligations
    BWR BB efs Inadequate degree of EWRM Capabilities and financial strength to meet ongoing policyholders obligations
    BWR B efs Low degree of EWRM Capabilities and financial strength to meet ongoing policyholders obligations
    BWR C efs Very low degree of EWRM Capabilities and financial strength to meet ongoing policyholders obligations
    Note:
    • Modifier {“+” (plus) “-” (minus)} modifiers can be used with BWR AA efs to BWR C efs. The modifiers reflect the comparative standing for the same rating category.
  18. Real Estate Developer Ratings
    BWR RD 1 Project implementation capability is the Highest
    BWR RD 2 Project implementation capability is High
    BWR RD 3 Project implementation capability is Moderate
    BWR RD 4 Project implementation capability is Inadequate
    BWR RD 5 Project implementation capability is Low
  19. CPOF Rating Scale
    1. Long term Capital Protection Oriented Fund Scheme Ratings - Schemes that have an original maturity exceeding one year.
      BWR AAAmfs(SO) 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.
      BWR AAmfs(SO) Schemes with this rating are considered to have high degree of safety regarding timely receipt of payments from the investments that they have made.
      BWR Amfs(SO) Schemes with this rating are considered to have adequate degree of safety regarding timely receipt of payments from the investments that they have made.
      BWR BBBmfs(SO) Schemes with this rating are considered to have moderate degree of safety regarding timely receipt of payments from the investments that they have made.
      BWR BBmfs(SO) Schemes with this rating are considered to have moderate risk of default regarding timely receipt of payments from the investments that they have made.
      BWR Bmfs(SO) 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.
      BWR Cmfs(SO) 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.
      Note:
      • Modifier {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories AAmfs(SO) to Cmfs(SO). The modifiers reflect the comparative standing within the category.
    2. Short term Capital Protection Oriented Fund Scheme Ratings - Schemes have an original maturity of/up to one year.
      BWR A1mfs(SO) 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.
      BWR A2mfs (SO) Schemes with this rating are considered to have strong degree of safety regarding timely receipt of payments from the investments that they have made.
      BWR A3mfs(SO) Schemes with this rating are considered to have moderate degree of safety regarding timely receipt of payments from the investments that they have made.
      BWR A4mfs(SO) Schemes with this rating are considered to have minimal degree of safety regarding timely receipt of payments from the investments that they have made.
      Note:
      • Modifier {"+" (plus)} can be used with the rating symbols for the categories A1mfs(SO) to A4mfs(SO). The modifier reflects the comparative standing within the category.