In case of rating of public debt issues, and bank facilities or commercial papers, the fee is paid by the issuer/borrower. The borrower/issuer has to pay initial rating fee along with the signed rating agreement for the rating exercise. On acceptance of the rating, the borrower/issuer has to pay an annual surveillance fee every year till the debt is fully repaid. In case, the quantum of debt increases under the same borrowing program, the borrower/issuer has to pay an additional initial rating fee and additional annual surveillance fee for the incremental borrowing. 

Acuité may charge the borrower/issuer "Out of Pocket” expenses (OPE) at actuals for covering certain costs including but not limited to travelling for site visits, telecommunication, printing & stationery costs,  subscription fees for various research and financial data & information services, credit information reports, website development & maintenance. OPE is applicable in fresh and review exercises.  

Acuité begins a rating process (management interaction, rating analysis and rating committee) only after receipt of signed rating agreement and full payment of initial rating fee from the rated entity. Acuité has internal guidelines on fee structure for NCDs, Bonds, CP programs, and Bank Loan Ratings. The fee payable is largely dependent on the quantum of the debt being rated and to some extent on the complexity involved in the rating analysis. Acuité reserves the right to modify its fee structure.

Acuité and its employees do not accept cash payments for any reason whatsoever.

Acuité’s rating fee is not linked to the rating outcome or rating revisions or releases in any manner.

The rating is carried out by a separate team of personnel comprising analysts who are not in any way involved in business development and procurement. The compensation paid to members of the rating analytical team is not dependent on the rating outcome or rating fee received from the rated entities. This ensures that business pressures do not, in any manner, influence the teams involved in assigning the rating. Rating mandates are not solicited by promising specific ratings to issuers.

Acuité’s dissemination of credit rating of NCDs, Bonds, CP programs, and Bank Loan Ratings are accessible free of charge on its website, www.acuite.in.

Note: Under extant RBI norms (Prudential Framework for Resolution of Stressed Assets  dated June 7, 2019), for Independent Credit Evaluation (ICE) of residual debt, wherever required, Acuité is directly engaged by the lender(s) and the payment of fee for such assignments (one-time exercise with no surveillance) is made by the lender(s).