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

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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 0.0% 95.5% 4.5% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0%
A 0.0% 0.2% 91.4% 6.0% 1.8% 0.0% 0.0% 0.6%* 100.0%
BBB 0.0% 0.0% 1.6% 87.6% 8.6% 0.0% 0.0% 2.3% 100.0%
BB 0.0% 0.0% 0.1% 9.0% 83.1% 5.2% 0.1% 2.5% 100.0%
B 0.0% 0.0% 0.0% 0.4% 12.4% 78.9% 0.3% 8.1% 100.0%
C 0.0% 0.0% 0.0% 0.0% 9.0% 27.0% 35.7% 28.3% 100.0%

*The transition rate in ‘A’ category is on account of default by a single issuer in a year when the denominator (total no. of ‘A’ rated issuers) was very low.