| Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) - Includes securitisation transactions involving assignee payout, acquirer's payout. |
RBI |
| Listed Commercial Paper and NCDs with original maturity less than 1 year |
RBI |
| Unlisted Commercial Paper and NCDs with original maturity less than 1 year |
RBI |
| Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs - Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. |
RBI |
| External Commercial Borrowings and other similar borrowings |
RBI |
| Certificates of Deposit |
RBI |
| Fixed Deposits raised by NBFC's, Banks, HFCs, Fis |
RBI |
| Unlisted Security Receipts |
RBI |
| Independent Credit Evaluation (ICE) |
RBI |
| Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis) |
RBI |
| Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) |
MCA |
| Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis |
MCA |
| Inter Corporate Deposits/Loans extended by Corporates |
MCA |
| Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) |
MCA |
| Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) - Includes securitisation transactions involving assignee payout, acquirer's payout. |
Investor-side Regulator such as IRDAI, PFRDA5 |
| Borrowing programme: The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), BWR shall separately capture the rated quantum details along with names of respective regulators. |
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| Issuer Ratings: These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included. |
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