1) Brickwork Rating Symbols for 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:
a. 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.
b. 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.
c. 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 in BIFR, etc,
2) Brickwork Rating Symbols for 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:
a. 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.
b. 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 in BIFR, etc,
3) Brickwork Rating Symbols for 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 (SO) |
Instruments with this rating are in default or are expected to be in default soon. |
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.
b. 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.
c. 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 in BIFR, etc,
4) Brickwork Rating Symbols for 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 (SO) |
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 A1(SO) to A4(SO). The modifier reflects the comparative standing within the category.
c. 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 in BIFR, etc,
5) Brickwork Rating Symbols for 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. |
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.
6) Brickwork Rating Symbols for 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. |
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.
7) Brickwork Rating Symbols for issuer rating
BWR AAA
(BWR Triple A) |
Issuer with ‘AAA’ rating is considered to offer the highest degree of credit worthiness. |
BWR AA
(BWR Double A) |
Issuer with ‘AA’ rating is considered to offer a high 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. |
a. {“+” (plus) “-” (minus)} modifiers can be used with BWR AA to BWR C. The modifiers reflect the comparative standing for the same rating category.
b. 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.
8) Brickwork Rating Symbols for IPO Grading
BWR IPO Grade 5: |
Strong fundamentals |
BWR IPO Grade 4: |
Above-average fundamentals |
BWR IPO Grade 3: |
Average fundamentals |
BWR IPO Grade 2: |
Below-average fundamentals |
BWR IPO Grade 1: |
Poor fundamentals |
9) Brickwork Rating Symbols for Fixed Deposit Ratings
BWR FAAA
(BWR F Triple A) |
Deposits with this rating are considered to offer the highest degree of safety, in terms of timely servicing of interest & principal |
BWR FAA
(BWR F Double A) |
Deposits with this rating are considered to offer high degree of safety, in terms of timely servicing of interest & principal |
BWR FA |
Deposits with this rating are considered to offer adequate degree of safety in terms of timely servicing of interest & principal |
BWR FB |
Deposits with this rating are considered to offer low degree of safety, in terms of timely servicing of interest & principal |
BWR FC |
Deposits with this rating are considered to offer very low degree of safety, in terms of timely servicing of interest & principal |
| BWR FD |
Deposits with this rating are in default or expected to default on maturity |
Note:
a. 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.
b. 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 in BIFR, etc,
c. BWR assigns rating outlook for Ratings BWR 'FAAA' to 'FB'. The Rating outlook indicates the direction a rating is likely to move over period of time and may be classified as Positive, Stable or Negative.
d. BWR speculative grade ratings are lower than BWR FA. As such, 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.
10) Brickwork Rating Symbols for 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 |
11) Brickwork Rating Symbols for SME ratings
BWR SME 1 |
Offers the highest degree of credit worthiness in relation to other SMEs. |
BWR SME 2 |
Offers high degree of credit worthiness in relation to other SMEs. |
BWR SME 3 |
Offers adequate degree of credit worthiness in relation to other SMEs. |
BWR SME 4 |
Offers moderate degree of credit worthiness in relation to other SMEs. |
BWR SME 5 |
Offers inadequate degree of credit worthiness in relation to other SMEs. |
BWR SME 6 |
Offers low degree of credit worthiness in relation to other SMEs. |
| BWR SME 7 |
Offers very low degree of credit worthiness in relation to other SMEs. |
| BWR SME 8 |
SME is in default or expected to default on maturity. |
12) NSIC – BWR performance and Credit Rating Scale for SSIs
|
|
PERFORMANCE CAPABILITY |
FINANCIAL STRENGTH |
|
Highest |
High |
Moderate |
Weak |
Poor |
High |
SE 1A |
SE 2A |
SE 3A |
SE 4A |
SE 5A |
Moderate |
SE 1B |
SE 2B |
SE 3B |
SE 4B |
SE 5B |
Low |
SE 1C |
SE 2C |
SE 3C |
SE 4C |
SE 5C |
13) Brickwork Rating Symbols for Security Receipts Ratings
BW RR1+ |
Recovery Value of the Underlying Assets is greater than 150% of SR Face Value. |
BW RR1 |
Recovery Value of the underlying assets in the range of over 100% - 150% of SR Face Value. |
BW RR2 |
Recovery Value of the underlying assets in the range of over 75% - 100%of SR Face Value. |
BW RR3 |
Recovery Value of the underlying assets in the range of over 50% - 75% of SR Face Value. |
BW RR4 |
Recovery Value of the underlying assets in the range of 25% - 50% of SR Face Value. |
BW RR5 |
Recovery Value of the underlying assets less than 25% of SR Face Value. |
14) Brickwork Rating Symbols for Insurance Companies
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 |
{“+” (plus) “-” (minus)} modifiers can be used with BWR AAefs to BWR Cefs. The modifiers reflect the comparative standing for the same rating category.
15) Brickwork Rating Symbols for Real Estate Project
BWR RP 1 |
Project is of the Highest grade |
BWR RP 2 |
Project is of a High grade |
BWR RP 3 |
Project is of Moderate grade |
BWR RP 4 |
Project is of Inadequate grade |
BWR RP 5 |
Project is of Low grade |
16) Brickwork Rating Symbols for Real Estate Developer
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 |
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