ICRA CREDIT RATING SYMBOLS AND MEANINGS

ICRA’s Long-Term Rating Scale

Long-Term rating Scale All Bonds, NCDs, and other debt instruments (excluding Public Deposits) with original
maturity exceeding one year.

[ICRA]AAA Instruments with this rating are considered to have the highest degree of safety regarding timely
servicing of financial obligations. Such instruments carry lowest credit risk.

[ICRA]AA Instruments with this rating are considered to have high degree of safety regarding timely servicing
of financial obligations. Such instruments carry very low credit risk.

[ICRA]A Instruments with this rating are considered to have adequate degree of safety regarding timely
servicing of financial obligations. Such instruments carry low credit risk.

[ICRA]BBB Instruments with this rating are considered to have moderate degree of safety regarding timely
servicing of financial obligations. Such instruments carry moderate credit risk.

[ICRA]BB Instruments with this rating are considered to have moderate risk of default regarding timely
servicing of financial obligations.

[ICRA]B Instruments with this rating are considered to have high risk of default regarding timely servicing of
financial obligations.

[ICRA]C Instruments with this rating are considered to have very high risk of default regarding timely servicing
of financial obligations.

[ICRA]D Instruments with this rating are in default or are expected to be in default soon.

Note: For the rating categories [ICRA]AA through to [ICRA]C, the modifiers + (plus) or – (minus) may be
appended to the rating symbols to indicate their relative position within the rating categories concerned. Thus,
the rating of [ICRA]AA+ is one notch higher than [ICRA]AA, while [ICRA]AA- is one notch lower than [ICRA]AA.

ICRA’s Short-Term Rating Scale

Short-Term Rating Scale All instruments with original maturity within one year.

[ICRA]A1 Instruments with this rating are considered to have very strong degree of safety regarding timely
payment of financial obligations. Such instruments carry lowest credit risk.

[ICRA]A2 Instruments with this rating are considered to have strong degree of safety regarding timely payment
of financial obligations. Such instruments carry low credit risk.

[ICRA]A3 Instruments with this rating are considered to have moderate degree of safety regarding timely
payment of financial obligations. Such instruments carry higher credit risk as compared to instruments rated in
the two higher categories.

[ICRA]A4 Instruments with this rating are considered to have minimal degree of safety regarding timely
payment of financial obligations. Such instruments carry very high credit risk and are susceptible to default.
[ICRA]D Instruments with this rating are in default or expected to be in default on maturity.

Note: For the short-term ratings [ICRA]A1 through to [ICRA]A4, the modifier + (plus) may be appended to the
rating symbols to indicate their relative position within the rating levels concerned. Thus, the rating of
[ICRA]A1+ is one notch higher than [ICRA]A1 and so on.

CRISIL CREDIT RATING SYMBOLS AND MEANINGS

Credit Ratings - Long Term Scale

CRISIL AAA (Highest Safety)

Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of
financial obligations. Such instruments carry lowest credit risk.

CRISIL AA (High Safety)

Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial
obligations. Such instruments carry very low credit risk.

CRISIL A (Adequate Safety)

Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of
financial obligations. Such instruments carry low credit risk.

CRISIL BBB (Moderate Safety)

Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of
financial obligations. Such instruments carry moderate credit risk.

CRISIL BB (Moderate Risk)

Instruments with this rating are considered to have moderate risk of default regarding timely servicing of
financial obligations.

CRISIL B (High Risk)

Instruments with this rating are considered to have high risk of default regarding timely servicing of financial
obligations.

CRISIL C (Very High Risk)

Instruments with this rating are considered to have very high risk of default regarding timely servicing of
financial obligations.

CRISIL D Default

Instruments with this rating are in default or are expected to be in default soon.
Credit Ratings - Short Term Scale

CRISIL A1 Instruments with this rating are considered to have very strong degree of safety regarding
timely payment of financial obligations. Such instruments carry lowest credit risk.

CRISIL A2 Instruments with this rating are considered to have strong degree of safety regarding timely
payment of financial obligations. Such instruments carry low credit risk.

CRISIL A3 Instruments with this rating are considered to have moderate degree of safety regarding
timely payment of financial obligations. Such instruments carry higher credit risk as compared to instruments
rated in the two higher categories.

CRISIL A4 Instruments with this rating are considered to have minimal degree of safety regarding
timely payment of financial obligations. Such instruments carry very high credit risk and are susceptible to
default.

CRISIL D Instruments with this rating are in default or expected to be in default on maturity.

CARE CREDIT RATING SYMBOLS AND MEANINGS

Long / Medium-term Instruments (NCD/FD/CD/SO/CPS/RPS/L)

CARE AAA Instruments with this rating are considered to have the highest degree of safety regarding
timely servicing of financial obligations. Such instruments carry lowest credit risk.

CARE AA Instruments with this rating are considered to have high degree of safety regarding timely
servicing of financial obligations. Such instruments carry very low credit risk.

CARE A Instruments with this rating are considered to have adequate degree of safety regarding
timely servicing of financial obligations. Such instruments carry low credit risk.

CARE BBB Instruments with this rating are considered to have moderate degree of safety regarding
timely servicing of financial obligations. Such instruments carry moderate credit risk.

CARE BB Instruments with this rating are considered to have moderate risk of default regarding timely
servicing of financial obligations.

CARE B Instruments with this rating are considered to have high risk of default regarding timely
servicing of financial obligations.

CARE C Instruments with this rating are considered to have very high risk of default regarding timely
servicing of financial obligations.

CARE D Instruments with this rating are in default or are expected to be in default soon.

Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories CARE AA to CARE C.
The modifiers reflect the comparative standing within the category.
Rating Outlook

The rating outlook can be ‘Positive’, ‘Stable’ or ‘Negative’.

A ‘Positive’ outlook indicates an expected upgrade in the credit ratings in the medium term on
account of expected positive impact on the credit risk profile of the entity in the medium term.

A ‘Negative’ outlook would indicate an expected downgrade in the credit ratings in the medium term
on account of expected negative impact on the credit risk profile of the entity in the medium term.

A ‘Stable’ outlook would indicate expected stability (or retention) of the credit ratings in the medium
term on account of stable credit risk profile of the entity in the medium term.

Short-term Instruments (NCD/FD/SO/CPS/RPS/L)

CARE A1 Instruments with this rating are considered to have very strong degree of safety regarding
timely payment of financial obligations. Such instruments carry lowest credit risk.

CARE A2 Instruments with this rating are considered to have strong degree of safety regarding timely
payment of financial obligations. Such instruments carry low credit risk.

CARE A3 Instruments with this rating are considered to have moderate degree of safety regarding
timely payment of financial obligations. Such instruments carry higher credit risk as compared to instruments
rated in the two higher categories.

CARE A4 Instruments with this rating are considered to have minimal degree of safety regarding
timely payment of financial obligations. Such instruments carry very high credit risk and are susceptible to
default.

CARE D Instruments with this rating are in default or expected to be in default on maturity.

Modifier {"+" (plus)} can be used with the rating symbols for the categories CARE A1 to CARE A4. The modifier
reflects the comparative standing within the category.