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) |
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Retail Bonds |
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Long-term borrowing programme |
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Short Term Non Convertible Debenture / Bond |
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Long-term certificate of deposits programme |
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Deep Discount Bond/ Zero Coupon Bonds |
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Infrastructure Bonds |
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Floating Rate Bond |
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Commercial Paper Programme (including IPO Financing) |
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Short Term Debt (Including Commercial Paper and Inter-corporate Deposits) |
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Short-term certificate of deposits programme |
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Short Term Borrowing programme |
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Certificate of Deposits |
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Short term deposits |
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Term Deposit Programme |
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Fixed Deposits |
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Term money bond |
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Subordinated debt/ Perpetuals |
Subordinated Non-Convertible Debentures |
Perpetual Non Convertible Debentures/Bonds |
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Subordinated Debt/Bond |
Perpetual Non Cumulative Preference Shares |
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Preference shares |
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Cumulative Convertible Preference Shares |
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Convertibles |
Optionally Convertible Debentures |
Secured Premium Note |
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Compulsory Convertible Debentures |
Multiple Option Convertible Bonds |
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Fully Convertible Debentures |
Triple Option Convertible Debentures |
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Partly Convertible Debentures |
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Secured Convertible Debentures |
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Optionally Fully Convertible Debentures |
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Optionally Fully Convertible Redeemable Bonds |
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Partly Optional Convertible Debentures |
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Cumulative Convertible Preference Shares |
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Market linked |
Long Term Principal Protected Market Linked Debentures |
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Principal Protected Market Linked Debentures |
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Principal-Protected Commodity-Linked Debentures |
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Equity/Nifty Linked Debentures |
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Principal Protected Equity Linked Debentures |
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Inflation-linked Capital-indexed Non-Convertible Debenture |
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Commodity Linked Debentures |
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Short Term Principal Protected Market Linked Debentures |
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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) |
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Tier II Bonds (Under Basel III) |
Upper Tier-II Bonds (under Basel II) |
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Long Term (Subordinated) Deposits |
Tier I Bonds (Under Basel III) |
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Structured products |
Fully Guaranteed Bond |
Structured Obligation |
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Asset Backed Securities |
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Collateralised Debt Obligation |
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Commercial Mortgage Backed Securities |
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Mortgage Backed Securities |
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Covered bonds |
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Partially Guaranteed Bond |