Rating Products and Services

Brickwork Ratings (BWR) is a SEBI registered and RBI accredited Credit Rating Agency.

BWR provides various rating services and products covering Capital Market Instruments and Bank Loans for the Corporate Sector, Financial Sector, Infrastructure Sector, Insurance Sector, Public sector undertakings, State Government, Municipal and Urban Local Bodies among others. In addition, BWR rates Structured finance transactions, Fixed deposit programmes, Certificate of Deposits and Mutual funds. The other services offered include Issuer Rating, Independent Credit Evaluation (ICE) of residual debt in entities under the RBI framework for resolution of stressed assets, Rating of Security Receipts issued by Asset Reconstruction Companies, ratings of Infrastructure Investment Trust (InvIT) / Real Estate Investment Trust (REIT) and infra Expected Loss ratings.

Details of the Rating products and related services provided by Brickwork Ratings are as under.

  • Corporate Sector Ratings

    • Bank Loan ratings for fund-based and non-fund based facilities. The ratings are assigned on a long-term and short-term scale based on the maturity of the instrument.
    • Debt Instrument ratings- Listed/ unlisted long-term instruments viz- Bonds, Non-Convertible Debentures (NCDs), Preference Shares etc.
    • Short-term instruments viz. Commercial Papers (CPs); Short-term NCDs.
    • Certificate of Deposits (CDs) of Banks and Corporates.

    Financial Sector Ratings

    • Long Term Bonds / Debentures. Tier I / Tier II instruments for Banks under BASEL Regulations Preference Shares. Principal protected Market linked debentures.
    • Short Term Commercial papers / Short-term debt of NBFCs. CDs of Banks.
    • Bank Loan Rating and Fixed deposits.

    Structured Finance Sector Ratings

    • Pass-through certificates (PTCs)
    • Originated by banks/non-banking finance companies (NBFCs)/ HFCs
    • Backed by pools of assets such as receivables or rentals originated by corporate sector entities
    • Rating of assignee/ purchaser/ acquirer payouts pertaining to the transactions involving transfer or sale of assets by banks, NBFCs and HFCs through Direct Assignment
    • Loss estimation of pools of loans under Direct Assignment transactions.
    • Structured obligation transactions.
    • Pooled Loan Issuance (PLI).

  • Other ratings

    • Issuer Ratings
    • Independent credit evaluation (ICE) of resolution plans
    • Mutual fund ratings
    • Debt raised by Infrastructure Investment Trust (InvIT) / Real Estate Investment Trust (REIT)
    • Expected Loss (EL) rating for operational infrastructure projects
    • State Government / Municipal / Urban Local Bodies Ratings
    • Capital protection oriented fund rating
    • Recovery Risk Ratings for Security Receipts issued by Asset Reconstruction Companies (ARCs)


    • IPO grading
    • Customised Research Services - Industry /Company /Economic Research