Rating Symbols and Definitions for Issuer Rating

Ratings	Definition
ACUITE AAA	Issuers with this rating are considered to have the highest degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry lowest credit risk.
ACUITE AA	Issuers with this rating are considered to have high degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry very low credit risk.
ACUITE A	Issuers with this rating are considered to have adequate degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry low credit risk.
ACUITE BBB	Issuers with this rating are considered to have moderate degree of safety regarding timely servicing of debt obligations. Debt exposures to such issuers carry moderate credit risk.
ACUITE BB	Issuers with this rating are considered to have moderate risk of default regarding timely servicing of debt obligations.
ACUITE B	Issuers with this rating are considered to have high risk of default regarding timely servicing of debt obligations.
ACUITE C	Issuers with this rating are considered to have very high risk of default regarding timely servicing of debt obligations.
ACUITE D	Issuers with this rating are in default or are expected to be in default soon.

Acuité may apply '+' (plus) or '-' (minus) signs for ratings from 'ACUITE AA' to 'ACUITE C' to reflect comparative standing within the category. .
A 'rating outlook' indicates Acuités view on the expected direction of the rating movement in the near to medium term. Acuite shall assign a rating Outlook and disclose the same in the Press Release. Acuite shall use the following standard descriptors for "Rating Outlook"

• Stable
• Positive
• Negative

Outlooks are not assigned to:

• Short term ratings
• Ratings in the 'C' and 'D' categories
• Ratings on watch
• Ratings of securitization transactions backed by pool of loans