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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 and subsequent communications, the latest being SEBI Circular No. SEBI/ HO/ MIRSD/ DOS3/ CIR/ P/ 2019/ 70 dated June 13, 2019. Details are as under:

  1. DEBT INSTRUMENTS
    1. Long term debt instruments - instruments with original maturity exceeding one year
    2. 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.
    3. Short term debt instruments- instruments with original maturity of/upto one year
    4. 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.
  2. Principal Protected Market Linked Debentures [PPMLD]
    1. Long term debt instruments [PPMLD] - 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.
    2. Short term debt instruments [PPMLD]- 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.
  3. STRUCTURED FINANCE INSTRUMENTS
    1. 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.
      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.
    2. 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.
      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.
  4. CREDIT ENHANCEMENT INSTRUMENTS :
    1. Long term Credit Enhancement instruments- instruments with original maturity exceeding one year.
      BWR AAA (CE)
      (BWR Triple A (CE))
      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 (CE)
      (BWR Double A (CE))
      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 (CE) 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 (CE)
      (BWR Triple B (CE))
      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 (CE)
      (BWR Double B (CE))
      Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.
      BWR B (CE) Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations.
      BWR C (CE) Instruments with this rating are considered to have very high likelihood of default regarding timely payment of financial obligations.
      BWR D (CE) 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(CE) to BWR C(CE). 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.
    2. Short term Credit Enhancement instruments- instruments with original maturity of/upto one year
      BWR A1 (CE) 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 (CE) 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 (CE) 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 (CE) 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 (CE) Instruments with this rating are in default or expected to be in default on maturity.
      Note:
      • Modifier {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories BWR AA(CE) to BWR C(CE). The modifiers reflect the comparative standing within the category.
  5. DEBT MUTUAL FUND SCHEMES
    1. 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.
    2. 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.

  6. 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
  7. CAPITAL PROTECTION ORIENTED FUND SCHEME
    1. Long term Capital Protection Oriented Fund Scheme Ratings - Schemes that have an original maturity exceeding one year.
      BWR AAA (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 AA (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 A (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 BBB (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 BB (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 B (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 C (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 A1 (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 A2 (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 A3 (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 A4 (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.
  8. Issuer Ratings
    BWR AAA Issuers with this rating are considered to offer the highest degree of safety and carry lowest credit risk.
    BWR AA Issuers with this rating are considered to offer high degree of safety and carry very low credit risk.
    BWR A Issuers with this rating are considered to offer adequate degree of safety and carry low credit risk.
    BWR BBB Issuers with this rating are considered to offer moderate degree of safety and carry moderate credit risk.
    BWR BB Issuers with this rating are considered to offer moderate risk of default.
    BWR B Issuers with this rating are considered to offer high risk of default.
    BWR C Issuers with this rating are considered to offer very high risk of default.
    BWR D Issuers with this rating are in default or are expected to be in default soon.
    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.
    • The issuer rating is only an opinion on the general creditworthiness of the rated entity and not specific to any particular debt instrument.
    • The ratings symbols for Issuer ratings have been updated vide press release dated 24-01-2017
  9. 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.
    • 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.
  10. 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.
  11. 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.