P1
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This rating indicates that the degree of safety regarding timely payment on the instrument is very strong.
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P2
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This rating indicates that the degree of safety regarding timely payment on the instrument is strong; however, the relative degree of safety is lower than that for instruments rated 'P1'.
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| P3 |
This rating indicates that the degree of safety regarding timely payment on the instrument is adequate; however, the instrument is more vulnerable to the adverse effects of changing circumstances than an instrument rated in the two higher categories. |
| P4 |
This rating indicates that the degree of safety regarding timely payment on the instrument is minimal and it is likely to be adversely affected by short-term adversity or less favourable conditions. |
| P5 |
This rating indicates that the instrument is expected to be in default on maturity or is in default. |
NM
Not Meaningful |
Instruments rated 'NM' have factors present in them, which render the rating outstanding meaningless. These include reorganisation or liquidation of the issuer, the obligation being under dispute in a court of law or before a statutory authority etc. |
Note: |
1) CRISIL may apply "+" (plus) sign for ratings from 'P-1' to 'P-4' to reflect a comparatively higher standing within the category.
2) A suffix of 'r' indicates investments carrying non-credit risk.
The 'r' suffix indicates that payments on the rated instrument have significant risks other than credit risk. The terms of the instrument specify that the payments to investors will not be fixed, and could be linked to one or more external variables such as commodity prices, equity indices, or foreign exchange rates. This could result in variability in payments - including possible material loss of principal - because of adverse movement in value of the external variables. The risk of such adverse movement in price / value is not addressed by the rating.
3) A suffix of '(so)' indicates instruments with structured obligation
A CRISIL rating on a structured obligation reflects CRISIL's opinion on the degree of credit protection provided by the credit enhancement structure.
The assessment takes into consideration any arrangements for payment on the instrument by an entity other than the issuer to fulfil the financial obligations on the instrument. It also takes into account any other means of enhancing the credit quality of the rated obligation.
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