ANNEXURE

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 Issuers Not Cooperating) BRICKWORK RATINGS INDIA PVT. LTD. Securities (Excluding non-cooperative issuers) BRICKWORK RATINGS INDIA PVT. LTD. Other Than Securities (Including non-cooperative issuers) BRICKWORK RATINGS INDIA PVT. LTD. Other Than Securities (Excluding non-cooperative issuers) 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 1 1 0 0 7 2 0 0 0 0 0 0 0 0 0 0
2 Number of downgrades to default from investment grade ratings 0 0 0 0 0 0 7 2 0 0 0 0 0 0 0 0 0 0
3 Number of rating upgrades of more than 3
notches
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 September 30, 2026 234 259 52 64 131* 131* 687* 683* 311 319 332 344 414 454 810 810 2 2
* Please note that Outstanding Ratings for Investment Grade (Including INC) is 131 only.
* Please note that Outstanding Ratings for Investment Grade (Excluding INC) is 131 only. Investment Grade means Instruments which are having ratings of AAA, AA, A BBB including modifiers +/-
* Please note that Outstanding Ratings for Investment Grade (Including INC) - Other than Securities is 687 only.
* Please note that Outstanding Ratings for Investment Grade (Excluding INC) - Other than Securities is 683 only.

List of Default Bonds/Debentures as per Credit Rating Agencies

Page last updated on October 19, 2026    Dept:Operations