CRA Disclosure
ANNEXURE
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ANNEXURE B
Sharp rating actions in investment grade rating category (excluding non-cooperative issuers)
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| 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. (Including INC Cases) | BRICKWORK RATINGS INDIA PVT. LTD. (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 |
| 1 | Number of rating downgrades of more than 3 notches | 0 | 10^ | 0 | 0 | 2 | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 2 |
| 2 | Number of downgrades to default from investment grade ratings | 0 | 10^ | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | **2 | **2 | 1# |
| 3 | Number of rating upgrades of more than 3 notches | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 4 | Number of outstanding ratings as on March 31, 2025 | 166 | 186 | 46 | 57 | 281 | 157 | 321 | 324 | 282 | 292 | *286 | *286 | 713 |
* Includes 15 listed transactions of Securitisation
** Defaults were due to reasons beyond control of issuer and ratings were reinstated post confirmation of payment/deposit in escrow account
^ All 10 ISINs pertain to a single issuer
