Policy regarding Monitoring & Review of Ratings

Last Reviewed On: December 30, 2016

Any security / instrument / bank loan facility rated by Acuité shall be subject to continuous surveillance throughout the life time of the rated instrument. The following process/guideline shall be followed for the same:

  1. The Rating, once accepted, is kept under constant surveillance throughout life of the instrument / facility (or until the rating is withdrawn) by monitoring developments within the rated entity, various economic and industry level factors that may influence the movement of the rating.
  2. To facilitate the surveillance and the review process, the rating analyst will seek updated information (financial / non-financial) from the client periodically. A review is conducted in periodic frequency as per Acuité’s policies and prevalent SEBI / RBI guidelines. A review may also be conducted sooner, should there be any event that warrants such a review on an out of turn basis.
  3. In case the above data /information collected indicates the possibility of an impact on the creditworthiness of the rated entity, are view note is prepared and presented to the  Rating Committee. Revision, if any, in the rating assigned by the Rating Committee is communicated to the rated entity and published on Acuité’s website.
  4. At least one review should be conducted every 365 days (i.e.the no. of days between the two rating committee meetings where the case is discussed should not exceed 365 days) during the tenure of the instrument. In case of bank facilities, such review may be conducted after 365 days if information is delayed or not made available in time, but not later than 455 days.
  5. In case of non-cooperating rated entities where surveillance is not possible due to non-availability of requisite data or Acuité is of the opinion that the data is incorrect / not true, or non-receipt of surveillance fee, Acuité will conduct the rating review based on publicly available information and on best effort basis. In such cases, the suffix "Issuer not cooperating*” shall be added to the rating symbol. The asterisk mark shall be explained as "Issuer did not co-operate; Based on best available information”.
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Our exciting journey started in 2005 with rating of bank borrowers most of whom were small and medium enterprises. At that time, credit rating was a concept known only to large issuers of capital market instruments. Since then, like a caterpillar transforms itself into a beautiful butterfly, we transformed to rate bonds, bank facilities of large corporates and issuers across industries. Along came many achievements - SEBI Registration in 2011, RBI accreditation in 2012, 50,000 ratings in 2018, 5,000 Bond and Bank Loan Ratings in 2017, launch of India's first Android and iPhone app to disseminate rating, tamper-proof QR-code-enabled rating rationales, and SMERA Terminal to name a few.

Now is the time to re-emphasize our increasing footprint across all segments of ratings through the launch of our new name - 'Acuité'.

The name has changed. The spirit of upholding highest standards of analytical rigour, continuous improvement, excellence in our processes and quest for innovation remains the same. We would like to re-emphasize that we will continue to work hard to provide independent, unbiased and timely opinion of highest standard.

Acuité means 'sharpness and clarity of thought and vision'. Let our research and ratings help you take decisions with confidence.

Sankar Chakraborti