Rating Outlook Policy

July 2025

  1. A Rating outlook indicates BWR’s view on the expected direction of the rating movement in the near to medium term. BWR shall assign a rating outlook and disclose the same in the published Rating Rationale. The Standard Descriptors are given below

    The long-term ratings are accompanied by a ‘Rating Outlook’ namely, ‘Stable’, ‘Positive’ or ‘Negative’.

    Standard Descriptors:

    Rating Outlook Implication
    Stable As per current assessment, the rating is likely to remain at the same position in the medium term
    Positive As per current assessment, the rating is likely to move upwards in the medium term subject to realisation of certain conditions
    Negative As per current assessment, the rating is likely to move downwards in the medium term subject to realisation of certain conditions

    BWR will not assign Rating outlook may not be assigned for

    1. Short-term ratings
    2. Rating in the “C” & “D” categories
    3. Rating on watch
    4. Rating of securitization transactions backed by pool of loans, as BWR has mandated to disclose at least once every six months the performance of the rated pool
    5. Credit quality ratings of mutual fund schemes, provided surveillance of the funds holding by BWR on a monthly basis
Details
Document Title Rating Outlook Policy Version: 6.0
Primary Owner Compliance Department
Review frequency Need basis.
Version history Adoption/ Amendment date Effective date Prepared by Approved by
1 March 2019 March 2019 Compliance department Board of Directors
2 January 2020 January 2020 Compliance department Board of Directors
3 April 2020 April 2020 Compliance department Board of Directors
4 September 2020 September 2020 Compliance department Board of Directors
5 January 2021 January 2021 Compliance department Board of Directors
6 July 2022 July 2022 Compliance department Board of Directors
7 July 2025 July 2025 Compliance Department RPM/Policy review committee