| Notification Detail :
Please refer to SEBI Circular No. SEBI/HO/MIRSD/MIRSD4/CIR/P/2016/119 dated November 01, 2016 on Enhanced Standards for Credit Rating Agencies (CRAs). Based on the representations received from the industry and in consultation with CRAs, following has been decided:
I. Point 2D (I) of Annexure A of aforementioned Circular on „Standardization of Press Release for Rating Actions‟
Considering the nature of instruments, following details may not be provided under the head “Details of Instruments” of Annexure A2
i. Interest rate/ coupon rate for all types of bank loan facilities.
ii. Maturity details for working capital facilities (including cash credit facilities).
iii. Tranche-wise interest rate and maturity details for money market instruments such as Commercial Papers, Certificate of Deposit and short-term NCDs which are reissued frequently. However, the range of duration of these instruments (e.g. 7 - 90 days) shall be provided in the press release.
II. Point 2D (III) of Annexure A of aforementioned Circular on „Standardization of Press Release for Rating Actions‟
Rating Outlooks may not be assigned for:
i. Short term ratings
ii. Ratings in the „C‟ and „D‟ categories
iii. Ratings on watch
iv. Ratings of securitization transactions backed by pool of loans, as CRAs are already mandated to disclose at least once in every six months the performance of the rated pool, as per provisions of CIR/MIRSD/CRA/6/2010 dated May 03, 2010.
v. Credit quality ratings of mutual fund schemes, provided surveillance of the fund‟s holdings is carried out by the CRAs on a monthly basis.
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