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)
1	Number of rating downgrades of more than 3 notches	0	0	0	0	0	0	1	1	1	2	2	2	1	1	2#	2#
2	Number of downgrades to default from investment grade ratings	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2#	2#
3	Number of outstanding ratings as on September 30, 2025	190	214	47	58	127*	127*	203	201	317	319	283	295	281	281	749	749

*Please note that Outstanding Ratings for Investment Grade is 127 only.
#The ratings were downgraded to D and simultaneously upgraded on the same day. The downgrade to D followed a delay in debt servicing owing to issue beyond issuer’s control and was on account of delay in transferring the required amount to escrow account on the due date which is one of the requirements as per SEBI Master Circular (erstwhile SEBI Circular dated November 18, 2024).

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