CRISIL Ratings' Complexity Levels of Financial Instruments

Instrument type

Simple

Complex

Highly complex

NCDs/ CPs/ Deposits

Long Term Debt/Non-convertible debentures/Bonds

NCDs (with put /call options)

 

Retail Bonds

   

Long-term borrowing programme

   

Short Term Non Convertible Debenture / Bond

   

Long-term certificate of deposits programme

   

Deep Discount Bond/ Zero Coupon Bonds

   

Infrastructure Bonds

   

Floating Rate Bond

   

Commercial Paper Programme (including IPO Financing)

   

Short Term Debt (Including Commercial Paper and Inter-corporate Deposits)

   

Short-term certificate of deposits programme

   

Short Term Borrowing programme

   

Certificate of Deposits

   

Short term deposits

   

Term Deposit Programme

   

Fixed Deposits

   

Term money bond

   

Subordinated debt/ Perpetuals

 

Subordinated Non-Convertible Debentures

Perpetual Non Convertible Debentures/Bonds

 

Subordinated Debt/Bond

Perpetual Non Cumulative Preference Shares

 

Preference shares

 
 

Cumulative Convertible Preference Shares

 

Convertibles

 

Optionally Convertible Debentures

Secured Premium Note

 

Compulsory Convertible Debentures

Multiple Option Convertible Bonds

 

Fully Convertible Debentures

Triple Option Convertible Debentures

 

Partly Convertible Debentures

 
 

Secured Convertible Debentures

 
 

Optionally Fully Convertible Debentures

 
 

Optionally Fully Convertible Redeemable Bonds

 
 

Partly Optional Convertible Debentures

 
 

Cumulative Convertible Preference Shares

 

Market linked

   

Long Term Principal Protected Market Linked Debentures

   

Principal Protected Market Linked Debentures

   

Principal-Protected Commodity-Linked Debentures

   

Equity/Nifty Linked Debentures

   

Principal Protected Equity Linked Debentures

   

Inflation-linked Capital-indexed Non-Convertible Debenture

   

Commodity Linked Debentures

   

Short Term Principal Protected Market Linked Debentures

Financial sector

Flexi bonds

Lower Tier-II Bonds (under Basel II)

Perpetual Tier I Bonds

 

Tier III Bond

Tier-I Perpetual Bonds (under Basel II)

 

Tier II Bonds (Under Basel III)

Upper Tier-II Bonds (under Basel II)

 

Long Term (Subordinated) Deposits

Tier I Bonds (Under Basel III)

Structured products

 

Fully Guaranteed Bond

Structured Obligation

   

Asset Backed Securities

   

Collateralised Debt Obligation

   

Commercial Mortgage Backed Securities

   

Mortgage Backed Securities

   

Covered bonds

   

Partially Guaranteed Bond

Disclaimer

 

CRISIL Ratings' Complexity Levels are based on information obtained by CRISIL Ratings from sources it considers reliable. CRISIL Ratings' Complexity Levels reflect the ease of understanding and analysing the risk elements in capital market instruments. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the categorisation is based and may update the Complexity Level classification upon additional information becoming available. A CRISIL Ratings' Complexity Level is not a recommendation to buy, sell or hold the instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product.

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