Last Reviewed On: June 27, 2022 (Version 3.0)

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once accepted, is kept under constant surveillance throughout life of the instrument / facility (or until the rating is withdrawn) by monitoring developments within the rated entity, various economic and industry level factors that may influence the movement of the rating.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 a material 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 as under - For Bonds & Debentures, CP & CD program (and all forms of listed debt, regardless of the instrument name): once every 365 days (i.e. the no. of days between two consecutive press releases / rating rationales should not exceed 365 days). For bank loan facilities: once every 455 days (i.e. the no. of days between the two consecutive press releases / rating rationales should not exceed 455 days). In cases where, Acuite has outstanding ratings on both, listed debt as well as bank loans, the review timeline shall not exceed 365 days from the date of publishing the previous press release / rating rationale.
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”.
6. In situations, where Acuite has:
   1. Not carried out a review as per the timelines stated in point 4 above AND
   2. Not suffixed "Issuer not cooperating*” as per point 5 above

   the details will be published under "Review Due but Not Conducted” under the disclosure requirements (Annexure A, point 4.B Disclosures - in case of delay in periodic review) as per SEBI circular SEBI/HO/MIRSD/MIRSD4/CIR/P/2016/119. The list of "Review Due but Not Conducted” is available through the link https://www.acuite.in/review-due-date.htm

   This list is updated every working day and is kept current. The record pertaining to an issuer is excluded from the list only after the press release consequent to the latest rating committee is published.