ANNEXURE B Sharp rating actions in investment grade rating category (excluding non-cooperative issuers)
NUMBER OF RATINGS
Sr.No	Rating action	ACUITE RATINGS AND RESEARCH LTD. (excluding non-cooperative issuers)	ACUITE RATINGS AND RESEARCH LTD. (all issuers including non-cooperative issuers)	INFOMERICS VALUATION AND RATING PVT. LTD (excluding non-cooperative issuers)	INFOMERICS VALUATION AND RATING PVT. LTD (including non-cooperative issuers)	BRICKWORK RATINGS INDIA PVT. LTD. (Securities Including INC Cases)	BRICKWORK RATINGS INDIA PVT. LTD. (Securities Excluding INC Cases)	BRICKWORK RATINGS INDIA PVT. LTD. (Other Than Securities Including INC Cases)	BRICKWORK RATINGS INDIA PVT. LTD. (Other than Securities Excluding INC Cases)	INDIA RATING AND RESEARCH PVT LTD (excluding non-cooperative issuers)	INDIA RATING AND RESEARCH PVT LTD (including non-cooperative issuers)	ICRA LIMITED (excluding non-cooperative issuers)	ICRA LIMITED (including non-cooperative issuers)	CARE RATINGS LIMITED (excluding non-cooperative issuers)	CARE (including non-cooperative issuers)	CRISIL LIMITED (excluding non-cooperative issuers)	CRISIL LIMITED (including non-cooperative issuers)	ACER CREDIT RATING PRIVATE LIMITED (excluding non-cooperative issuers)	ACER CREDIT RATING PRIVATE LIMITED (including non-cooperative issuers)
1	Number of rating downgrades of more than 3 notches	0	0	0	0	0	0	2	0	1	3	0	0	0	0	0	0	0	0
2	Number of downgrades to default from investment grade ratings	0	0	0	0	0	0	0	0	1	1	0	0	0	0	0	0	0	0
3	Number of rating upgrades of more than 3	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
4	Number of outstanding ratings as on March 31, 2026	196	220	55	70	121*	121*	410*	405*	306	311	331	337	#283	#283	774	774	1	1

*Please note that Outstanding Ratings for Investment Grade is 121, 410, and 405 only.

• List of Default Bonds/Debentures as per Credit Rating Agencies