Average one-year transition rates for long term ratings for the last 5-Financial Year Period ending March 31, 2020


Rating Category

AAA

AA

A

BBB

BB

B

C

D

TOTAL

AAA

100.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

100.0%

AA

1.9%

88.5%

9.6%

0.0%

0.0%

0.0%

0.0%

0.0%

100.0%

A

0.0%

0.5%

90.0%

8.1%

1.0%

0.0%

0.0%

0.5%

100.0%

BBB

0.0%

0.0%

1.5%

90.0%

7.2%

0.2%

0.0%

1.0%

100.0%

BB

0.0%

0.0%

0.1%

5.8%

87.7%

4.0%

0.2%

2.3%

100.0%

B

0.0%

0.0%

0.0%

0.2%

7.3%

85.4%

0.3%

6.8%

100.0%

C

0.0%

0.0%

0.0%

0.0%

6.7%

20.0%

43.3%

30.0%

100.0%

 

Notes:

[1]. The transition rate from ‘A’ to ‘D’ is on account of default by 1 standalone entity on a low base of total no of ‘A’ rated issuers.