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Other Ratings Scales - CRISIL
Revision of Rating Symbols and Definitions
Broker Qualilty Grading Scale
A CRISIL Broker Grading is an opinion on the quality of operations and service provided by the graded stock broker. The grading will be expressed on a five-point scale from 'BQ1' to 'BQ5', with 'BQ1' being the highest.
Financial Strength Rating Scale for Insurance Companies
AAA
Reflects Highest Financial Strength to meet policyholder obligations.
Any adverse change in circumstances is most unlikely to affect the fundamentally strong position of the company.
AA
Reflects High Financial Strength to meet policyholder obligations.
Companies rated in this category are only marginally weaker than the 'AAA' rated insurance companies.
A
Reflects Adequate Financial Strength to meet policyholder obligations.
However, change in circumstances can adversely affect such companies more than those in the higher rating categories.
BBB
Reflects Moderate Financial Strength to meet policyholder obligations.
However, changing circumstances are more likely to lead to a weakened capacity to meet policyholder obligations than in the higher rating categories.
BB
Reflects Inadequate Financial Strength to meet policyholder obligations.
Companies rated in this category face uncertainties which could lead to inadequate capacity to meet their policyholder obligations.
B
Reflects Greater Susceptibility to default on policyholder obligations.
While current obligations are being met, adverse business or economic conditions would lead to a lack of ability or willingness to meet policyholder obligations.
C
 Vulnerable to default.
Policyholder obligations can be met only if favourable circumstances prevail.
D
 Default.
The company is not meeting current policyholder obligations.
Note:
1) Financial strength ratings from 'AA' to 'C' may be modified by use of a '+' (plus) or '-' (minus) sign to show the relative standing of the insurance company within the rating categories.

2) CRISIL may assign rating outlooks for ratings from 'AAA' to 'B'. 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.
Credit Quality Rating Scale for Debt Fund Portfolios
Long-Term Rating Scale
CRISIL AAAmfs
Schemes with this rating are considered to have the highest degree of safety regarding timely receipt of payments from the investments that they have made.
CRISIL AAmfs
Schemes with this rating are considered to have the high degree of safety regarding timely receipt of payments from the investments that they have made.
CRISIL Amfs
Schemes with this rating are considered to have the adequate degree of safety regarding timely receipt of payments from the investments that they have made.
CRISIL BBBmfs
Schemes with this rating are considered to have the moderate degree of safety regarding timely receipt of payments from the investments that they have made.
CRISIL BBmfs
 Schemes with this rating are considered to have moderate risk of default regarding timely receipt of payments from the investments that they have made.
CRISIL Bmfs
 Schemes with this rating are considered to have high risk of default regarding timely receipt of payments from the investments that they have made.
CRISIL Cmfs
Schemes with this rating are considered to have very high risk of default regarding timely receipt of payments from the investments that they have made.
Note:
The ratings from 'CRISIL AAmfs' to 'CRISIL Cmfs' may be modified by the addition of a '+' (plus) or '-' (minus) sign to reflect comparative standing within the category.
 
Short-Term Rating Scale
CRISIL A1mfs
Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made.
CRISIL A2mfs
Schemes with this rating are considered to have strong degree of safety regarding timely receipt of payments from the investments that they have made.
CRISIL A3mfs
Schemes with this rating are considered to have moderate degree of safety regarding timely receipt of payments from the investments that they have made.
CRISIL A4mfs
Schemes with this rating are considered to have minimal degree of safety regarding timely receipt of payments from the investments that they have made.
Note:
The ratings from 'CRISIL A1mfs' to 'CRISIL A4mfs' may be modified by the addition of a '+' (plus) sign to reflect comparative standing within the category.
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Fund House Rating Scale
CRISIL Fund House Level 1
Asset Management Companies rated Fund House Level 1 are judged to possess the Highest level of process quality and risk management capability in fund management practices.
CRISIL Fund House Level 2
Asset Management Companies rated Fund House Level 2 are judged to possess a High level of process quality and risk management capability in fund management practices.
CRISIL Fund House Level 3
Asset Management Companies rated Fund House Level 3 are judged to possess an Average level of process quality and risk management capability in fund management practices.
CRISIL Fund House Level 4
Asset Management Companies rated Fund House Level 4 are judged to possess a Below-average level of process quality and risk management capability in fund management practices.
CRISIL Fund House Level 5
Asset Management Companies rated Fund House Level 5 are judged to possess a Poor level of process quality and risk management capability in fund management practices.
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GVC Rating Scale
CRISIL GVC Level-1
The capability of entities rated CRISIL 'GVC Level 1' with regard to corporate governance and value creation for all stakeholders is the Highest.
CRISIL GVC Level-2
The capability of entities rated CRISIL 'GVC Level 2' with regard to corporate governance and value creation for all stakeholders is Very High.
CRISIL GVC Level-3
The capability of entities rated CRISIL 'GVC Level 3' with regard to corporate governance and value creation for all stakeholders is High.
CRISIL GVC Level-4
The capability of entities rated CRISIL 'GVC Level 4' with regard to corporate governance and value creation for all stakeholders is Above Average.
CRISIL GVC Level-5
The capability of entities rated CRISIL 'GVC Level 5' with regard to corporate governance and value creation for all stakeholders is Average.
CRISIL GVC Level-6
 The capability of entities rated CRISIL 'GVC Level 6' with regard to corporate governance and value creation for all stakeholders is Below Average.
CRISIL GVC Level-7
 The capability of entities rated CRISIL 'GVC Level 7' with regard to corporate governance and value creation for all stakeholders is Low.
CRISIL GVC Level-8
 The capability of entities rated CRISIL 'GVC Level 8' with regard to corporate governance and value creation for all stakeholders is the Lowest.
Grading Scale for Maritime Training Course
Grade 1:
The quality of education imparted by the graded course at the institute with respect to the course objectives as stated by DGS is Outstanding.
Grade 2:
The quality of education imparted by the graded course at the institute with respect to the course objectives as stated by DGS is Very Good.
Grade 3:
The quality of education imparted by the graded course at the institute with respect to the course objectives as stated by DGS is Good.
Grade 4:
The quality of education imparted by the graded course at the institute with respect to the course objectives as stated by DGS is Satisfactory.
Grade 5:
The quality of education imparted by the graded course at the institute with respect to the course objectives as stated by DGS is Poor.
CRISIL's MFI Grading reflects CRISIL's current opinion on the ability of an MFI to conduct its operations in a scalable and sustainable manner. Using MICROS - CRISIL's evaluation framework the grading is assigned on an eight-point scale - mfR1 (highest grading) to mfR8 (lowest grading). There are no individual definitions for each grading.

CRISIL's MFI Grading reflects CRISIL's current opinion on the ability of an MFI to conduct its operations in a scalable and sustainable manner.

This grading assigned cannot be considered to be a proxy for timely payment of interest and principal. Nor is it a recommendation to purchase, sell or hold any debt instrument issued by a MFI. The MFI Grading does not constitute an audit of the graded MFI by CRISIL. In the case of NGO-MFIs and entities with multiple businesses, CRISIL's MFI Gradings apply only to their microfinance programmes. The MFI Grading is not for use by MFI to mobilise deposits/savings/thrift/insurance funds/other funds (including equity) from their members/clients or general public.

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