Credit Rating - Fixed Deposit Scale

CRISIL Rating Symbols For Fixed Deposits
FAAA
("F Triple A") Highest Safety
This rating indicates that the degree of safety regarding timely payment of interest and principal is very strong.
FAA
("F Double A") High Safety
This rating indicates that the degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' ratings.
FA
Adequate Safety
This rating indicates that the degree of safety regarding timely payment of interest and principal is satisfactory. Changes in circumstances can affect such issues more than those in the higher rated categories.
FB
Inadequate Safety
This rating indicates inadequate safety of timely payment of interest and principal. Such issues are less susceptible to default than fixed deposits rated below this category, but the uncertainties that the issuer faces could lead to inadequate capacity to make timely interest and principal payments.
FC
High Risk
This rating indicates that the degree of safety regarding timely payment of interest and principal is doubtful. Such issues have factors at present that make them vulnerable to default; adverse business or economic conditions would lead to lack of ability or willingness to pay interest or principal.
FD
Default
This rating indicates that the fixed deposits are either in default or are expected to be in default upon maturity.
NM
Not Meaningful
Instruments rated 'NM' have factors present in them, which render the outstanding rating 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) or '-' (minus) signs for ratings from FAA to FC to indicate the relative position within the rating category.

2) CRISIL may assign rating outlooks for the ratings from 'FAAA' to 'FB'. Ratings on Rating Watch will not carry outlooks. A rating outlook indicates the direction in which a rating may move over a medium-term horizon of one-to-two years. A rating outlook can be 'Positive', 'Stable' or 'Negative'. A 'positive' or 'negative' rating outlook is not necessarily a precursor of a rating change.

3) The contents within parenthesis are a guide to the pronunciation of the rating symbols.