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Advance Credit Assessment

Advance Credit Assessment (ACA) is a credit opinion on an issuer or borrower under specific scenarios. These scenarios could arise on certain significant developments (ex: Decisions on outlays such as a new large project or acquisition, Mergers & Amalgamations, Debt Restructuring, Capital Structure changes, etc.) which may have an impact on the credit profile of the company. It provides a measure of the levels of the credit rating and the direction in which the rating is likely to move under multiple scenarios.

Advance Credit Assessment

  • is not the current credit rating of the issuer or its financial obligations, and the issuer may have an outstanding rating which is different from the ratings under multiple scenarios.
  • is an opinion on what the credit ratings could be in various scenarios. The scenario could include the position post-restructuring after a certain period of time.

The ACA ratings assigned will have the same symbols as the regular Issuer, NCD or Bank Loan ratings. These ratings do not require acceptance of the issuer/lender, and BWR will not conduct any surveillance.

Issuer Industry Instrument Issue Amount Date of Non-acceptance Listed/ Unlisted Rating Assigned
The Indure Pvt. Ltd. Engineering Procurement and Construction (EPC) Advance Credit Assessment - 12 Mar 2020 Unlisted Scenario I
BWR BB / Stable
Scenario II
BWR BB+ / Stable
Scenario III
BWR BBB- / Stable