| 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.