Last Reviewed On: September 24, 2020 (Version 2.0)

Any security / instrument / bank loan facility rated by Acuité shall be subject to continuous surveillance throughout the life time of the rated instrument. The following process/guideline shall be followed for the same:

1. The Rating, once accepted, is kept under constant surveillance throughout life of the instrument / facility (or until the rating is withdrawn) by monitoring developments within the rated entity, various economic and industry level factors that may influence the movement of the rating.
2. To facilitate the surveillance and the review process, the rating analyst will seek updated information (financial / non-financial) from the client periodically. A review is conducted in periodic frequency as per Acuité’s policies and prevalent SEBI / RBI guidelines. A review may also be conducted sooner, should there be a material event that warrants such a review on an out of turn basis.
3. In case the above data /information collected indicates the possibility of an impact on the creditworthiness of the rated entity, are view note is prepared and presented to the Rating Committee. Revision, if any, in the rating assigned by the Rating Committee is communicated to the rated entity and published on Acuité’s website.
4. At least one review should be conducted as under - For Bonds & Debentures: once every 365 days (i.e. the no. of days between the two rating committee meetings where the case is discussed should not exceed 365 days). For bank loan facilities: once every 455 days (i.e. the no. of days between the two rating committee meetings where the case is discussed should not exceed 455 days).
5. In case of non-cooperating rated entities where surveillance is not possible due to non-availability of requisite data or Acuité is of the opinion that the data is incorrect / not true, or non-receipt of surveillance fee, Acuité will conduct the rating review based on publicly available information and on best effort basis. In such cases, the suffix "Issuer not cooperating*” shall be added to the rating symbol. The asterisk mark shall be explained as "Issuer did not co-operate; Based on best available information”.