Average one-year transition rates for long-term ratings for the last 5-Financial Year Period ended March 31, 2022
| 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 |
0.8% |
93.3% |
4.2% |
0.0% |
0.0% |
0.0% |
0.0% |
[1]1.7% |
100.0% |
| A |
0.0% |
1.4% |
91.9% |
5.6% |
0.7% |
0.0% |
0.0% |
[2]0.5% |
100.0% |
| BBB |
0.0% |
0.1% |
3.1% |
90.4% |
5.6% |
0.2% |
0.2% |
0.6% |
100.0% |
| BB |
0.0% |
0.0% |
0.1% |
6.3% |
86.7% |
4.1% |
0.5% |
2.3% |
100.0% |
| B |
0.0% |
0.0% |
0.0% |
0.3% |
7.3% |
86.3% |
0.3% |
5.7% |
100.0% |
| C |
0.0% |
0.0% |
0.0% |
0.0% |
5.3% |
26.3% |
63.2% |
5.3% |
100.0% |
Notes:
- The transition rate from ‘AA’ to ‘D’ category is on account of default by 1 group having 2 entities in a year when the denominator (total no. of ‘AA’ rated issuers) was very low.
- The transition rate from ‘A’ to ‘D’ category is high on account of default by 2 single issuers in a year when the denominator (total no. of ‘A’ rated issuers) was very low.