Appeal of Initial Rating

f a client disagrees with their initial rating assigned by CARE, they have the right to appeal for a review within a reasonable
timeframe.

Appeal Process:

1. Additional Information: During the appeal, the client can submit additional information to CARE to support their position.
2. External Review Committee (ERC): All appeals are presented to the ERC for consideration.
3. ERC Composition: The ERC consists of members entirely different from the original rating committee. Additionally, at least one-
third of the ERC members must be external, independent individuals.
4. Review and Decision: The ERC will review the initial rating along with any additional information provided by the client.
5. Communication: The ERC's final decision on the rating is then communicated to the client via email or letter.
6. Client's Choice: Upon receiving the ERC's decision, the client has the right to accept or reject the final rating.

Unaccepted Ratings Definition:

An initial credit rating is considered "unaccepted" if the client does not accept it within 30 days of receiving communication.

Unaccepted Ratings List:

 Unaccepted ratings are published on the CARE website.

 The list is updated every working day.
 Ratings remain on the list for one year before removal.
 The list includes:
o Issuer name
o Instrument name/type
o Issue size
o Assigned rating and outlook
o Rating date

Conversion to Accepted Rating:

 An unaccepted rating can be converted to an accepted rating upon client request.

 A review process may be required before conversion.

Disclosure of Additional Details:

 Additional details on unaccepted ratings are generally not disclosed.

 Exceptions include:
o Disclosure to government/regulatory bodies:
 When required by law
 Upon formal request
o Disclosure in case of misrepresentation by the rated entity (as authorized by the rating mandate).

Policy for assigning Provisional Rating

A provisional rating is a credit rating assigned by CARE that is subject to the fulfillment of certain conditions. These conditions
are typically related to outstanding documentation or specific actions that need to be completed by the issuer.

When are Provisional Ratings Assigned?

 Critical documents for the rating are pending execution (e.g., guarantee documents, legal opinions).
 The rating is contingent upon specific actions being taken by the issuer.

How is a Provisional Rating Indicated?

 The term "Provisional" is prefixed before the standard rating symbol (e.g., "Provisional AAA").
 All communication regarding the provisional rating will explicitly mention the conditions that need to be met for finalization. This
includes the rating letter, press releases, and rating rationales (if applicable).