Rating Rationale
May 22, 2025 | Mumbai
Altius Telecom Infrastructure Trust
Rating reaffirmed at 'Crisil AAA/Stable'; CP Withdrawn
 
Rating Action
Total Bank Loan Facilities RatedRs.5600 Crore
Long Term RatingCrisil AAA/Stable (Reaffirmed)
 
Rs.1500 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.1100 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.7120 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.2000 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Corporate Credit RatingCrisil AAA/Stable (Reaffirmed)
Rs.1000 Crore Commercial PaperWithdrawn (Crisil A1+)
Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

Crisil Ratings has reaffirmed its ‘Crisil AAA/Stable’ rating on the long term bank facilities and non convertible debentures of Altius Telecom Infrastructure Trust (Altius). Crisil Ratings has withdrawn its rating on Rs 1,000 crore of CP on company’s request. The withdrawal is in line with the Crisil Ratings withdrawal policy (See 'Annexure - Details of Rating Withdrawn' for details). Crisil Ratings has received relevant documents to withdraw these instruments. 
 

The re-affirmation of ratings continue to reflect the strong business and the financial risk profiles of Altius based on the underlying assets of Summit Digitel Infrastructure Ltd (SDIL; ‘Crisil AAA/Stable’) and EDIPL. Altius is the largest telecom tower group in India in terms of towers, with around 39% market share. The business risk profile is driven by cash flow visibility which is supported by long-term master service agreements (MSAs) of both SDIL and EDIPL’s tenancies. SDIL’s portfolio is under a 30-year MSA with Reliance Jio Infocomm Ltd (RJIL; rated ‘Crisil AAA/Stable/Crisil A1+’) who is the anchor tenant for all its towers. The average contract tenure for EDIPL ranges from 5 to 10 years. However, around 15% of EDIPL’s tenancies will come up for renewal over the next five years. While there remains a renewal risk in EDIPL’s portfolio, the criticality of the tower infra for the telecom companies (telcos) and track record of customer stickiness provides comfort. The timely renewal of its tenancies will remain a key monitorable. The ratings also factor in stable cash flow from Crest Digitel Infrastructure Ltd (Crest; erstwhile, Space Teleinfra Pvt Ltd).
 

The ratings also reflect the healthy financial risk profile of Altius, as indicated by comfortable debt service coverage ratio (DSCR). The DSCR continues to benefit from the expected sizeable upstreaming of cash flow from SDIL (post servicing its debt obligation) and stable cash flow generation from EDIPL. The gross consolidated debt for the infrastructure investment trust (InvIT) has increased with the acquisition of EDIPL’s assets.

 

However, all these assets will come on-line with their associated cash flow, such that consolidated gross debt to assets under management (AUM) will remain comfortable in the near to medium term, well within the InvIT stipulations of net debt to AUM ratio of less than 70%.

 

These strengths are partially offset by susceptibility to risk related to timely renewal of tenancies and counterparty risks given exposure to mobile network operators (MNOs) with stretched credit profiles. Any material declines in tenancies of EDIPL’s portfolio along with stretched receivables from counterparties would remain monitorable.

 

Altius acts as an investment vehicle for the Brookfield group, holding underlying assets pertaining to passive telecom infrastructure. As the flagship InvIT for the group in data and telecom related infrastructure, the trust may evaluate opportunities to expand the asset base of the InvIT in future. Crisil Ratings will continue to monitor such transactions and their impact on the business and financial risk profiles of Altius will remain a key rating sensitivity factor.

Analytical Approach

Crisil Ratings has considered the combined business risk profile of Altius with its underlying SPVs - SDIL, EDIPL and Crest, as it holds or will hold 100% stake in each of these entities. Crisil Ratings has considered all cash flow from EDIPL and Crest, and only surplus cash flow after servicing the SPV-level debt from SDIL to arrive at the financial risk profile of Altius.

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

Strong credit profiles of underlying assets, driven by healthy cash flow visibility: Altius’s investments in passive telecom infrastructure has inherent strengths given criticality of the sector for the telcos, high customer stickiness considering the challenges in network re-organization, and the stringent terms of the MSAs signed with the MNOs. The MSAs provide revenue visibility and make allowances for exit penalties, annual rental escalation and ensure timely payments from customers. SDIL accounts for ~70% of the tower assets of Altius, while rest are from EDIPL.

 

As on March 31, 2025, SDIL had a portfolio of 1,74,451 towers. For SDIL, RJIL is the anchor tenant for all its towers, which also comprise a substantial share of RJIL’s total tenancies. The operations and maintenance (O&M) and project execution partner (Reliance Projects and Property Management Services Ltd, which has now merged with Reliance Industries Ltd) is a Reliance group entity, underscoring the business linkages. The business risk profile of SDIL is further supported by a 30-year MSA with RJIL, which ensures stable revenue with an upside coming from contracting third-party tenancies. Moreover, fixed tower usage fees and O&M cost, and pass-through of any increase in site rentals to tenants (including RJIL) protect profitability. Additionally, project execution risk is borne by the contractor, and towers are transferred to the company only after completion at a fixed price.

 

Post the EDIPL acquisition, Altius’s profile now also benefits from the established market position of EDIPL in the telecom infrastructure industry, its diversified geographical presence and sizeable portfolio of 75,886 towers and healthy tenancy ratio of 1.6 times as on March 31, 2025. EDIPL has MSAs with all major Indian telcos. Most of the tenancies are with Bharti Airtel Ltd (BAL: rated 'Crisil AA+/Positive/Crisil A1+'), followed by Vodafone Idea Ltd (VIL) and RJIL. Moreover, higher co-location on EDIPL towers may allow Altius earnings upside in the future. Crest also supports Altius’s business risk with MSAs of 5-7 years with telcos and high client stickiness, which offers stable cash flow.

 

Comfortable financial risk profile: The financial risk profile benefits from a healthy average DSCR throughout the tenure of the existing debt. The rating also benefits from net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) ratio and net debt to AUM covenants stipulated in the terms of the debt raised for the EDIPL acquisition. The financial risk profile is also supported by DSRA covering three months of debt obligation for long-term loans, and three months of interest servicing for the non-convertible debentures (NCDs) raised at the InvIT level.

 

As on March 31, 2025, consolidated external borrowings of Altius increased to Rs 43,870 crore from Rs 31397 crore as on March 31, 2024, on account of the EDIPL acquisition. At consolidated InvIT level, external debt is likely to increase over the next two fiscals because of planned capital expenditure for increasing the number of towers, however, it would be associated with its incoming cash flow. Overall, the DSCR is expected to remain comfortable. Crisil Ratings will closely monitor the leverage and any material increase that weakens the DSCR more than expected will be a rating sensitivity factor.

 

Weakness:

Susceptibility to revenue and counterparty risk related to MNOs with weaker credit profiles: With the EDIPL acquisition, Altius now has benefits from third-party tenancies, it also exposes the InvIT to MNOs with weaker credit profiles, which will contribute to around 20% of revenue going forward.

 

However, the track record of receivables from these telcos has also considerably improved in the past few months. The ability of the MNOs to successfully manage their balance sheets and fulfill their payment obligation for telecom towers, in a timely manner, will be a key monitorable.

Liquidity: Superior

Stable cash flow with long-term revenue visibility will comfortably cover the debt obligation, leading to a healthy DSCR at a consolidated level. Crisil Ratings expects the trust to have consolidated operating cash accrual of over Rs 9,000 crore in fiscal 2026, which should suffice to meet the debt obligation of around Rs 5,700 crore across SDIL, EDIPL and Crest. Moreover, high quality and long life of assets beyond the tenure of debt should help Altius refinance on a timely basis at competitive rates, as demonstrated over the last few quarters.

Outlook: Stable

Altius will continue to benefit because of steady cash flow from SDIL, EDIPL and Crest, and revenue visibility from medium and long-term MSAs.

Rating sensitivity factors

Downward factors

  • Downgrade in the rating of SDIL by one or more notches or material weakening of cash flow of SDIL, impacting surplus available at Altius.
  • Sustained weakening of average DSCR for the tenure of debt, for instance, due to higher-than-expected leverage or material weakness in EDIPL’s cash flow resulting from stretched receivables

About the trust

Altius is an InvIT sponsored by BIF IV Jarvis India Pte. Ltd. (BIF IV or sponsor; rated ‘Crisil AA/Stable’) and Project Holdings Nine (DIFC) Ltd.  with Data Link Investment Manager Private Limited (Data Link) as its investment manager and Axis Trustee Services Ltd as the trustee. Altius (formerly Data Infrastructure Trust) was incorporated by Reliance Industrial Investments and Holdings Ltd (RIIHL; a wholly owned subsidiary of RIL) on January 31, 2019, as a trust under the provisions of the Indian Trusts Act, 1882. The trust was registered as an InvIT with the Securities and Exchange Board of India (SEBI) on March 19, 2019. In August 2020, upon receipt of approval from the Department of Telecommunications, BIF IV became the sponsor to the InvIT. The units of the InvIT got listed on the Bombay Stock Exchange in September 2020. SDIL, the first investment of the trust, operates and manages tower assets that have been acquired from RJIL. In March 2022, Altius acquired Crest, a leading indoor coverage solutions provider in India. In September 2024, Altius has completed the acquisition of ATC India which has been renamed as Elevar Digitel Infrastructure Private Limited.
 

About Summit Digitel Infrastructure Ltd

SDIL is an SPV formed by transfer of tower assets and a portion of liabilities by RJIL. In December 2019, RIIHL entered into a binding agreement with Brookfield Asset Management Inc (Brookfield) for investment of Rs 25,215 crore by the latter in the units issued by Altius, after which Altius holds 100% stake in SDIL. As of March 31, 2025, SDIL had 1,74,451 telecom towers across India with RJIL as the anchor tenant.
 

About Crest Digitel Infrastructure Ltd

Crest, incorporated in April 2016, is a neutral host provider (IP-1), deploying digital indoor solutions by providing 2G/3G/4G networks through a common shared infrastructure. The company owns and operates shared in-building communications infrastructure, which is used by wireless carriers, broadcasters and other communications companies to provide services to end users. The company offers solutions, including for in building and outdoor small cells, among other services.

 

About Elevar Digitel Infrastructure Private Ltd (erstwhile ATC Telecom Infrastructure Pvt Ltd)

InvIT acquired 100% share in the Indian-arm of US-based telecom operator, American Tower Corporation. As of March 31, 2025, EDIPL had around 75,886 macro telecom towers across India, with tenancies contracted with all major MNOs.

Key Financial Indicators (Consolidated)

As on/for the period ended March 31

Unit

2024

2023

Revenue

Rs.Crore

12,877

11,100

Profit After Tax (PAT)

Rs.Crore

1,119

797

PAT Margin

%

8.4

7.2

Adjusted debt/adjusted networth

Times

2.6

1.9

Interest coverage

Times

2.13

2.10

Any other information: Not Applicable

Note on complexity levels of the rated instrument:
Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name Of Instrument Date Of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Crore) Complexity Levels Rating Outstanding with Outlook
INE0BWS08019 Non Convertible Debentures 08-Jan-24 8.40 18-Dec-26 320.00 Simple Crisil AAA/Stable
INE0BWS07011 Non Convertible Debentures 30-Aug-24 8.00 30-Aug-34 1850.00 Simple Crisil AAA/Stable
INE0BWS07029 Non Convertible Debentures 09-Sep-24 9.99 09-Sep-29 6240.00 Simple Crisil AAA/Stable
INE0BWS07037 Non Convertible Debentures 09-Sep-24 9.99 10-Sep-29 1660.00 Simple Crisil AAA/Stable
INE0BWS07045 Non Convertible Debentures 21-Apr-25 7.45 20-Apr-35 1200.00 Simple Crisil AAA/Stable
NA Non Convertible Debentures# NA NA NA 450.00 Simple Crisil AAA/Stable
NA Proposed Term Loan NA NA NA 2155.00 NA Crisil AAA/Stable
NA Term Loan NA NA 10-Sep-34 350.00 NA Crisil AAA/Stable
NA Term Loan NA NA 10-Sep-34 750.00 NA Crisil AAA/Stable
NA Term Loan NA NA 10-Sep-34 600.00 NA Crisil AAA/Stable
NA Term Loan NA NA 10-Sep-34 1745.00 NA Crisil AAA/Stable

# Yet to be issued

 

Annexure - Details of Rating Withdrawn

ISIN Name Of Instrument Date Of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Crore) Complexity Levels Rating Outstanding with Outlook
NA Commercial Paper NA NA 7-365 Days 1000.00 Simple Withdrawn

Annexure - List of Entities Consolidated

Names of Entities Consolidated

Extent of Consolidation

Rationale for Consolidation

Summit Digitel Infrastructure Limited

Full

100% subsidiary

Crest Digitel Private limited

Full

100% subsidiary
Annexure - Rating History for last 3 Years
  Current 2025 (History) 2024  2023  2022  Start of 2022
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Corporate Credit Rating LT 0.0 Crisil AAA/Stable 24-02-25 Crisil AAA/Stable 19-11-24 Crisil AAA/Stable 30-11-23 Crisil AAA/Stable   -- --
            04-10-24 Crisil AAA/Stable 30-08-23 Crisil AAA/Stable   -- --
            13-08-24 Crisil AAA/Stable 06-06-23 Crisil AAA/Stable   -- --
      --   -- 12-07-24 Crisil AAA/Watch Developing   --   -- --
      --   -- 15-04-24 Crisil AAA/Watch Developing   --   -- --
      --   -- 16-01-24 Crisil AAA/Watch Developing   --   -- --
Fund Based Facilities LT 5600.0 Crisil AAA/Stable 24-02-25 Crisil AAA/Stable 19-11-24 Crisil AAA/Stable 30-11-23 Crisil AAA/Stable   -- --
      --   -- 04-10-24 Crisil AAA/Stable 30-08-23 Crisil AAA/Stable   -- --
      --   -- 13-08-24 Crisil AAA/Stable 06-06-23 Crisil AAA/Stable   -- --
      --   -- 12-07-24 Crisil AAA/Watch Developing   --   -- --
      --   -- 15-04-24 Crisil AAA/Watch Developing   --   -- --
      --   -- 16-01-24 Crisil AAA/Watch Developing   --   -- --
Commercial Paper ST 1000.0 Withdrawn 24-02-25 Crisil A1+ 19-11-24 Crisil A1+ 30-11-23 Crisil A1+   -- --
      --   -- 04-10-24 Crisil A1+ 30-08-23 Crisil A1+   -- --
      --   -- 13-08-24 Crisil A1+   --   -- --
      --   -- 12-07-24 Crisil A1+   --   -- --
      --   -- 15-04-24 Crisil A1+   --   -- --
      --   -- 16-01-24 Crisil A1+   --   -- --
Non Convertible Debentures LT 11720.0 Crisil AAA/Stable 24-02-25 Crisil AAA/Stable 19-11-24 Crisil AAA/Stable 30-11-23 Crisil AAA/Stable   -- --
      --   -- 04-10-24 Crisil AAA/Stable   --   -- --
      --   -- 13-08-24 Crisil AAA/Stable   --   -- --
      --   -- 12-07-24 Crisil AAA/Watch Developing   --   -- --
      --   -- 15-04-24 Crisil AAA/Watch Developing   --   -- --
      --   -- 16-01-24 Crisil AAA/Watch Developing   --   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Proposed Term Loan 2155 Not Applicable Crisil AAA/Stable
Term Loan 350 Axis Bank Limited Crisil AAA/Stable
Term Loan 750 Kotak Mahindra Bank Limited Crisil AAA/Stable
Term Loan 600 IndusInd Bank Limited Crisil AAA/Stable
Term Loan 1745 ICICI Bank Limited Crisil AAA/Stable
Criteria Details
Links to related criteria
Basics of Ratings (including default recognition, assessing information adequacy)
Criteria for consolidation
Criteria for Infrastructure sectors (including approach for financial ratios)
Criteria for REITs and InVITs

Media Relations
Analytical Contacts
Customer Service Helpdesk

Ramkumar Uppara
Media Relations
Crisil Limited
M: +91 98201 77907
B: +91 22 6137 3000
ramkumar.uppara@crisil.com

Kartik Behl
Media Relations
Crisil Limited
M: +91 90043 33899
B: +91 22 6137 3000
kartik.behl@crisil.com

Divya Pillai
Media Relations
Crisil Limited
M: +91 86573 53090
B: +91 22 6137 3000
divya.pillai1@ext-crisil.com


Manish Kumar Gupta
Senior Director
Crisil Ratings Limited
B:+91 22 6137 3000
manish.gupta@crisil.com

Anand Kulkarni
Director
Crisil Ratings Limited
B:+91 22 6137 3000
anand.kulkarni@crisil.com

LOVISH GUPTA
Manager
Crisil Ratings Limited
B:+91 124 672 2000
LOVISH.GUPTA@crisil.com

Timings: 10.00 am to 7.00 pm
Toll free Number:1800 267 3850

For a copy of Rationales / Rating Reports:
CRISILratingdesk@crisil.com
 
For Analytical queries:
ratingsinvestordesk@crisil.com



 

Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to Crisil Ratings. However, Crisil Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.


About Crisil Ratings Limited (A subsidiary of Crisil Limited, an S&P Global Company)

Crisil Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).

Crisil Ratings Limited ('Crisil Ratings') is a wholly-owned subsidiary of Crisil Limited ('Crisil'). Crisil Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").

For more information, visit www.crisilratings.com 

 



About Crisil Limited

Crisil is a leading, agile and innovative global analytics company driven by its mission of making markets function better. 

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK

CRISIL PRIVACY NOTICE
 
Crisil respects your privacy. We may use your contact information, such as your name, address and email id to fulfil your request and service your account and to provide you with additional information from Crisil. For further information on Crisil's privacy policy please visit www.crisil.com.



DISCLAIMER

This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') provided by Crisil Ratings Limited ('Crisil Ratings'). For the avoidance of doubt, the term 'report' includes the information, ratings and other content forming part of the report. The report is intended for use only within the jurisdiction of India. This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the report is to be construed as Crisil Ratings provision or intention to provide any services in jurisdictions where Crisil Ratings does not have the necessary licenses and/or registration to carry out its business activities. Access or use of this report does not create a client relationship between Crisil Ratings and the user.

The report is a statement of opinion as on the date it is expressed, and it is not intended to and does not constitute investment advice within meaning of any laws or regulations (including US laws and regulations). The report is not an offer to sell or an offer to purchase or subscribe to any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. The recipients of the report should rely on their own judgment and take their own professional advice before acting on the report in any way.

Crisil Ratings and its associates do not act as a fiduciary. The report is based on the information believed to be reliable as of the date it is published, Crisil Ratings does not perform an audit or undertake due diligence or independent verification of any information it receives and/or relies on for preparation of the report. THE REPORT IS PROVIDED ON “AS IS” BASIS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS, CRISIL RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON-INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. In no event shall Crisil Ratings, its associates, third-party providers, as well as their directors, officers, shareholders, employees or agents be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the report even if advised of the possibility of such damages.

The report is confidential information of Crisil Ratings and Crisil Ratings reserves all rights, titles and interest in the rating report. The report shall not be altered, disseminated, distributed, redistributed, licensed, sub-licensed, sold, assigned or published any content thereof or offer access to any third party without prior written consent of Crisil Ratings.

Crisil Ratings or its associates may have other commercial transactions with the entity to which the report pertains or its associates. Ratings are subject to revision or withdrawal at any time by Crisil Ratings. Crisil Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.

Crisil Ratings has in place a ratings code of conduct and policies for managing conflict of interest. For more detail, please refer to: https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html. Public ratings and analysis by Crisil Ratings, as are required to be disclosed under the Securities and Exchange Board of India regulations (and other applicable regulations, if any), are made available on its websites, www.crisilratings.com and https://www.ratingsanalytica.com (free of charge). Crisil Ratings shall not have the obligation to update the information in the Crisil Ratings report following its publication although Crisil Ratings may disseminate its opinion and/or analysis. Reports with more detail and additional information may be available for subscription at a fee.  Rating criteria by Crisil Ratings are available on the Crisil Ratings website, www.crisilratings.com. For the latest rating information on any company rated by Crisil Ratings, you may contact the Crisil Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 3850.

Crisil Ratings shall have no liability, whatsoever, with respect to any copies, modifications, derivative works, compilations or extractions of any part of this [report/ work products], by any person, including by use of any generative artificial intelligence or other artificial intelligence and machine learning models, algorithms, software, or other tools. Crisil Ratings takes no responsibility for such unauthorized copies, modifications, derivative works, compilations or extractions of its [report/ work products] and shall not be held liable for any errors, omissions of inaccuracies in such copies, modifications, derivative works, compilations or extractions. Such acts will also be in breach of Crisil Ratings’ intellectual property rights or contrary to the laws of India and Crisil Ratings shall have the right to take appropriate actions, including legal actions against any such breach.

Crisil Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on Crisil Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisilratings.com/en/home/our-business/ratings/credit-ratings-scale.html