Rating Rationale
July 07, 2020 | Mumbai
Bajaj Finance Limited
Ratings Reaffirmed
 
Rating Action
Total Bank Loan Facilities Rated Rs.21000 Crore
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Non Convertible Debentures Aggregating Rs.42819.7 Crore  CRISIL AAA/Stable (Reaffirmed)
Rs.637.3 Crore Non Convertible Debentures CRISIL AAA/Stable (Withdrawn)
Lower Tier-II Bonds Aggregating Rs.700 Crore CRISIL AAA/Stable (Reaffirmed)
Subordinated Debt Aggregating Rs.2600 Crore CRISIL AAA/Stable (Reaffirmed)
Fixed Deposits Programme FAAA/Stable (Reaffirmed)
Rs.20000 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has reaffirmed its ratings on the bank facilities and other debt instruments of Bajaj Finance Limited (BFL) at 'CRISIL AAA/FAAA/Stable/CRISIL A1+'.
 
CRISIL's ratings continue to reflect Bajaj Finance's strong business risk profile, given its position as one of the largest retail asset financing non-banking financial companies (NBFCs) in the country, and expectation of comfortable asset quality. Increased focus on risk management and data analytics should mitigate the inherent asset quality challenges in the risky asset segments. Strong capitalisation and healthy earnings also underpin the ratings. The ratings also reflect expectation of support from the Bajaj group and its healthy financial flexibility.
 
Bajaj Finance has emerged as one of the largest retail asset financing NBFCs in India, and continues with its two-pronged strategy of building scale and maximising profit. Segments such as mortgages, small business loans, and commercial lending are focused on building scale, while consumer durable loans, personal loans, and 2- and 3-wheeler financing are focused on maximising profit. As on March 31, 2020, assets under management (AUM) grew 18% (year-on-year) to Rs 116102 crores on a standalone basis. The AUM consisted primarily of personal and consumer durables loans (35%), mortgages (loans against property [LAP] and home loans; 12%), SME loans and vendor financing (12%), two- and three-wheeler financing (11%), rural financing (12%), loan against securities (4%) and others (13%). At a consolidated level, the AUM grew by 27% to Rs 147,153 crores, with Bajaj Housing Finance Limited (BHFL) constituting 21% of the AUM. BHFL is the vehicle for BFL for growing the mortgages business and has attained significant size and scale in the past two years as a share of the overall AUM for the Bajaj group. At a consolidated level, the AUM consists of personal and consumer durables loans (27%), mortgages (loans against property [LAP] and home loans; 29%), SME loans and vendor financing (10%), two- and three-wheeler financing (9%), rural financing (10%), loan against securities (3%) and others (12%).
 
However, the nationwide lockdown (originally till April 14, 2020) declared by the Government of India to contain the spread of the Novel Coronavirus (Covid-19) will have near-term impact on disbursements, collections and asset quality. The lockdown is now further extended in containment zones with re-opening of the prohibited activities in a phased manner in areas outside containment zones. However, certain states have extended the lockdown. Herein, CRISIL believes that eventual lifting of restrictions will continue to be in a phased manner.
 
On the asset quality front, on a consolidated basis, the company has managed its asset side risk well so far with reported gross non-performing assets (NPAs) at 1.6% as on March 31, 2020 (1.6% as on March 31, 2019) and 1 year lagged NPA at 2.0% as on March 31, 2020 (2.4% as of March 31, 2019). A significant proportion of Bajaj Finance's portfolio comprising mortgage loans has witnessed strong growth over the past few years and remains under-seasoned. Additionally, the company has high exposure to risky asset segments such as personal loans and consumer durable loans (including life-style and digital loans), 2- and 3-wheeler finance, and unsecured business loans, which constituted around 58% of its loan portfolio as on March 31, 2020, and are vulnerable to economic cycles.
 
Herein, the company's ability to manage collections and asset quality during this period of lockdown, with slow lifting of restrictions and weak macroeconomic environment is a key monitorable amidst the impact on the underlying borrower cash flows. The company has given moratorium to its borrowers and around 37% of their borrowers, making 27% of AUM, have availed the moratorium as on May 31, 2020. While the collection efficiency was impacted in April, CRISIL understands that the collections have inched up since then till June. Nevertheless, any delay in return to normalcy could put pressure on collections and asset quality metrics and will be a key monitorable.
 
In terms of fund raising, at a consolidated level, the group has raised around Rs .7145 crores during April 2020 to June 2020 and continues to demonstrate ability to raise timely funds. The incremental cost of funding for long term liabilities was in the range of 6.75% to 7.50%% in the recent quarter. CRISIL expects the company to continue to be able to raise funds at competitive funding costs going forward as well.
 
The liquidity position for the company too remains comfortable. While the Reserve Bank of India (RBI) announced regulatory measures under the Covid-19 Regulatory Package, whereby lenders were permitted to grant moratorium (originally till May 31, 2020) on bank loans which is now further extended till August 31, 2020. Bajaj Group has not opted for any moratorium from the lenders. As on June 30, 2020, BFL had total debt repayments of Rs 12154 crore till September 2020 and only Rs 27617 crore till March 2021. Against this, they had liquidity (in the form of cash, equivalents and unutilised cash credit lines) of Rs 19971 crore.
 
Consequent to redemption, CRISIL has also withdrawn its rating on commercial papers of Rs 1900 crore, subordinated debt of Rs 165 crore and debentures of Rs 5979.5 crore (See Annexure 'Details of rating withdrawn' for details) in line with its withdrawal policy. CRISIL has received independent confirmation that these instruments are fully redeemed.

Analytical Approach

The ratings factor in the company's strategic importance to, its ultimate holding company Bajaj Holdings and Investments Ltd (BHIL), and parent Bajaj Finserv Ltd (Bajaj Finserv). The ratings also factor in support if required from the parent company in an unlikely event of Bajaj Finance requiring support in extraordinary situation.  The ratings also factor benefits arising from synergies with the group.

CRISIL has also analysed the consolidated business and financial risk profile of BFL and its subsidiaries (Bajaj Housing Finance Limited and Bajaj Financial Securities Limited) together referred to as group.

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:
* Large, well-diversified NBFC
Bajaj Finance has emerged as one of the largest retail asset financing NBFCs in India, and continues with its two-pronged strategy of building scale and maximising profit. Segments such as mortgages, small business loans, and commercial lending are focused on building scale, while consumer durable loans, personal loans, and 2- and 3-wheeler financing are focused on maximising profit. As on March 31, 2020, assets under management (AUM) grew 18% (year-on-year) to Rs 116102 crores on a standalone basis. The AUM consisted primarily of personal and consumer durables loans (35%), mortgages (loans against property [LAP] and home loans; 12%), SME loans and vendor financing (12%), two- and three-wheeler financing (11%), rural financing (12%), loan against securities (4%) and others (13%).
 
At a consolidated level, the AUM grew by 27% to Rs 147,153 crores, with Bajaj Housing Finance Limited (BHFL) constituting 22% of the AUM. BHFL is the vehicle for BFL for growing the mortgages business and has attained significant size and scale in the past two years as a share of the overall AUM for the Bajaj group. At a consolidated level, the AUM consists of personal and consumer durables loans (27%), mortgages (loans against property [LAP] and home loans; 29%), SME loans and vendor financing (10%), two- and three-wheeler financing (9%), rural financing (10%), loan against securities (3%) and others (12%).
 
While the group has been reporting strong growth in the AUM over the past five years, growing at a CAGR of 27%, the current weak macro-economic environment along with Covid-19 linked lockdown is expected to impact the growth in the near term. Nevertheless, over the medium term, the group is expected to continue to outpace the industry.
 
* Strong capitalisation
Capitalisation is robust, with sizeable standalone networth of Rs 31813 crore and adequate Tier-I capital ratio and capital adequacy ratio (CAR) of 21.3% and 25.01%, respectively, as on March 31, 2020. Gearing was comfortable at 3.3 times as on March 31, 2020. The gearing policy is conservative. Adjusted gearing has been below 6 times over the past five years, despite aggressive growth in AUM.
 
Bajaj group has demonstrated the ability to raise capital at regular intervals to keep the gearing metrics under control. Over the past five fiscals, the group has raised Rs 14908 crores of equity which has significantly increased the networth of the company with the recent capital raise being of around Rs 8500 crores in November 2019. Each time the gearing metrics have inched closer to 7x, capital raising plans have been initiated and concluded. 
 
The healthy capitalisation enhances the ability to absorb potential losses on its portfolio; adjusted networth to net NPAs was healthy, at 34 times as on March 31, 2020 (27 times as on March 31, 2019).
 
CRISIL expects the capital profile for the company to remain comfortable over the medium term, supported by regular capital infusion, demonstrated ability to raise capital, and healthy internal cash accruals; thus providing cushion against asset-side risks.
 
* Healthy earnings
Earnings are supported by a large proportion of high-yield businesses and competitive borrowing costs. Return on managed assets (annualised) remained healthy at 3.8% in fiscal 2020 against 3.9% in fiscal 2019 despite additional provisioning of Rs 1419 crore (Rs 129 crore additional provisioning from ECL recalibration, Rs 900 crore of contingency provision for Covid-19 based on moratorium and Rs 390 crore charge off for two stressed accounts). The ROMA was driven by higher fee income and a stable net interest margin. Profitability continued to be better than the industry average. Additionally, the company has increased efforts to diversify earnings by focusing on various fee-based income avenues, such as existing member identification cards, co-branded credit card and third-party product distribution.
 
Nevertheless, earnings remain susceptible to high credit costs, especially during continued macroeconomic stress, despite the conservative provisioning policy. With CRISIL-adjusted provision coverage ratio at 61% as on March 31, 2020, the coverage was in line of that of peers. While Bajaj Finance's profitability may moderate as the proportion of mortgage loans increases under its housing finance subsidiary, it is expected to remain better than that of peers over the medium term.
 
* Strategic importance to, and strong expectation of support from, the Bajaj group
Bajaj Finance is strategically important to the Bajaj group, the company gets significant financial, managerial and operational support from its parent, Bajaj Finserv. It also derives synergies from being a captive financier for Bajaj Auto Ltd (Bajaj Auto; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+'). Bajaj Finance is one of the crucial entities of the group's financial services business, and its established track record of profitable growth enhances its strategic importance. Bajaj Finance also plays a critical role in helping Bajaj Auto meet its sales targets and maintain market share; it financed around 53% of Bajaj Auto's sales volume in fiscal 2020, from 20% in fiscal 2010.  CRISIL believes Bajaj Finance will continue to receive support from the group.
 
Bajaj Finserv's financial flexibility has steadily improved over the years supported by performance of its operating companies including insurance ventures. In the unlikely event of Bajaj Finance requiring group support in an extraordinary situation, Bajaj Holdings and Investment Limited has ample liquidity in the form of cash and bank balances and portfolio of quoted investments to address the requirements. In addition, CRISIL believes that there is sufficient flexibility inherent in the market standing of the various listed and unlisted financial services firms in the group. CRISIL also believes that the financial flexibility will be sufficient to support any material requirements of Bajaj Finance even if the group were to step up its stake in the insurance ventures.
 
Weaknesses:
* Focus on risky asset classes and under-seasoned mortgage loan book
On the asset quality front, the company has managed its asset side risk well so far with reported gross non-performing assets (NPAs) at 1.6% as on March 31, 2020 (1.6% as on March 31, 2019) and 1 year lagged NPA at 2.0% as on March 31, 2020 (2.4% as of March 31, 2019). A significant proportion of Bajaj Finance's portfolio comprising mortgage loans has witnessed strong growth over the past few years and remains under-seasoned. Additionally, the company has high exposure to risky asset segments such as personal loans and consumer durable loans (including life-style and digital loans), 2- and 3-wheeler finance, and unsecured business loans, which constituted around 58% of its loan portfolio as on March 31, 2020, and are vulnerable to economic cycles.
 
Herein, the company's ability to manage collections and asset quality during this period of lockdown, with slow lifting of restrictions and weak macroeconomic environment is a key monitorable amidst the impact on the underlying borrower cash flows. The company has given moratorium to its borrowers and around 37% of their borrowers, making 27% of AUM, have availed the moratorium as on May 31, 2020. While the collection efficiency was impacted in April, CRISIL understands that the collections have inched up since then till June. Nevertheless, any delay in return to normalcy could put pressure on collections and asset quality metrics and will be a key monitorable.
Liquidity Superior

The liquidity profile of BFL is comfortable with positive cumulative mismatches across all short term ALM buckets (upto 1 year) even with exclusion of committed lines. As on June 30, 2020, BFL had total debt repayments of Rs 12154 crore till September 2020 and only Rs 27617 crore till March 2021. Against this, they had liquidity (in the form of cash, equivalents and unutilised cash credit lines) of Rs 19971 crore.

Outlook: Stable

CRISIL believes Bajaj Finance will remain strategically important to, and continue to receive support from, the Bajaj group. The company will also sustain its healthy financial risk profile.

Rating Sensitivity factors
Downward factors:
* With the current AUM mix, any significant deterioration in asset quality translating into pressure on earnings profile thereby leading return on assets to drop below 2.0% on a sustained basis. This excludes any significant change in AUM mix due to an increase in the secured portfolio that will inherently impact return on assets negatively.
* Significant increase in consolidated leverage metrics
* In the unlikely event of Bajaj Finance requiring group support in an extraordinary situation the necessary support not coming forth from the group.
About the Company

Set up in 1987, Bajaj Finance is a subsidiary of Bajaj Finserv (52.8% ownership), the financial services arm of the Bajaj group. Bajaj Finance has a diversified product suite comprising key businesses such as vehicle loans (2- and 3-wheelers manufactured by Bajaj Auto), consumer durable loans, personal loans, mortgage loans, small business loans, loans against securities, commercial finance, and rural finance. Bajaj Finance is the largest financier of 2-wheelers and consumer durables in India. Its standalone AUM was Rs 116012 crore as on March 31, 2020 (Rs 98671 crore as on March 31, 2019).

Key Financial Indicators
As on / for the period ended March 31 (Standalone)   2020 2019
Total Assets Rs crore 138003 109500
Total income Rs crore 15976 11462
Profit after tax Rs crore 4881 3890
Gross NPA % 2.0 1.8
Gearing Times 3.3 4.5
Return on assets % 3.8 3.9

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL 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. For more details on the CRISIL complexity levels, please visit www.crisil.com/complexity-levels.
Annexure - Details of Instrument(s)
ISIN Name of instrument Date of
allotment
Coupon
rate (%)
Maturity date Issue size
(Rs. cr)
Complexity
levels
Rating outstanding
with outlook
N.A Commercial Paper N.A N.A 7-365 days 14650 Simple CRISIL A1+
INE296A14QR9 Commercial Paper 30-Jun-20 30-Jun-21 7-365 days 125 Simple CRISIL A1+
INE296A14QG2 Commercial Paper 30-Aug-19 6.82% 28-Aug-20 25 Simple CRISIL A1+
INE296A14QN8 Commercial Paper 18-May-20 4.75% 17-Aug-20 1,800 Simple CRISIL A1+
INE296A14QO6 Commercial Paper 15-May-20 4.75% 14-Aug-20 250 Simple CRISIL A1+
INE296A14QP3 Commercial Paper 19-May-20 4.58% 18-Aug-20 750 Simple CRISIL A1+
INE296A14QQ1 Commercial Paper 20-May-20 4.50% 19-Aug-20 500 Simple CRISIL A1+
INE296A08466 Subordinated Debt 28-Sep-10 9.60% 28-Sep-20 27.50 Complex CRISIL AAA/Stable
INE296A08474 Subordinated Debt 29-Oct-10 9.55% 29-Oct-20 36.20 Complex CRISIL AAA/Stable
INE296A08490 Subordinated Debt 18-May-11 9.83% 18-May-21 50.00 Complex CRISIL AAA/Stable
INE296A08656 Subordinated Debt 14-Jun-12 10.21% 22-Aug-22 10.00 Complex CRISIL AAA/Stable
INE296A08656 Subordinated Debt 15-Jun-12 10.21% 22-Aug-22 15.40 Complex CRISIL AAA/Stable
INE296A08656 Subordinated Debt 20-Jun-12 10.21% 22-Aug-22 3.00 Complex CRISIL AAA/Stable
INE296A08656 Subordinated Debt 28-Jun-12 10.21% 22-Aug-22 2.60 Complex CRISIL AAA/Stable
INE296A08656 Subordinated Debt 25-Jul-12 10.21% 22-Aug-22 4.40 Complex CRISIL AAA/Stable
INE296A08656 Subordinated Debt 2-Aug-12 10.21% 22-Aug-22 4.00 Complex CRISIL AAA/Stable
INE296A08656 Subordinated Debt 17-Aug-12 10.21% 22-Aug-22 118.00 Complex CRISIL AAA/Stable
INE296A08672 Subordinated Debt 28-Jan-13 9.80% 28-Jan-23 49.70 Complex CRISIL AAA/Stable
INE296A08706 Subordinated Debt 26-Apr-13 9.65% 26-Apr-23 50.00 Complex CRISIL AAA/Stable
INE296A08714 Subordinated Debt 19-Sep-14 10.15% 19-Sep-24 452.50 Complex CRISIL AAA/Stable
INE296A08755 Subordinated Debt 21-Oct-15 8.94% 21-Oct-25 40.00 Complex CRISIL AAA/Stable
INE296A08763 Subordinated Debt 9-Nov-15 8.94% 7-Nov-25 250.00 Complex CRISIL AAA/Stable
INE296A08821 Subordinated Debt 2-Dec-16 8.05% 2-Dec-26 105.00 Complex CRISIL AAA/Stable
INE296A08847 Subordinated Debt 22-Jun-17 8.15% 22-Jun-27 600.00 Complex CRISIL AAA/Stable
NA Subordinated Debt NA NA NA 1316.7 Complex CRISIL AAA/Stable
INE296A07FV8 Debenture 7-Apr-15 9.05% 7-Apr-23 165.00 Simple CRISIL AAA/Stable
INE296A07FV8 Debenture 7-Apr-15 9.05% 8-Apr-24 165.00 Simple CRISIL AAA/Stable
INE296A07FV8 Debenture 7-Apr-15 9.05% 7-Apr-25 170.00 Simple CRISIL AAA/Stable
INE296A07HW2 Debenture 20-Aug-15 8.90% 20-Aug-25 90.00 Simple CRISIL AAA/Stable
INE296A07HX0 Debenture 20-Aug-15 8.80% 20-Aug-20 15.00 Simple CRISIL AAA/Stable
INE296A07HY8 Debenture 14-Sep-15 8.80% 14-Sep-20 10.00 Simple CRISIL AAA/Stable
INE296A07EG2 Debenture 17-Nov-14 9.36% 18-Nov-24 100.00 Simple CRISIL AAA/Stable
INE296A07HZ5 Debenture 29-Sep-15 8.80% 29-Sep-20 47.00 Simple CRISIL AAA/Stable
INE296A07IO7 Debenture 10-Dec-15 8.60% 10-Dec-20 25.00 Simple CRISIL AAA/Stable
INE296A07IA6 Debenture 13-Oct-15 8.70% 13-Oct-25 5.00 Simple CRISIL AAA/Stable
INE296A07IB4 Debenture 13-Oct-15 8.65% 13-Oct-22 8.00 Simple CRISIL AAA/Stable
INE296A07IP4 Debenture 5-Jan-16 8.65% 5-Jan-21 17.00 Simple CRISIL AAA/Stable
INE296A07IT6 Debenture 12-Jan-16 8.65% 12-Jan-21 10.00 Simple CRISIL AAA/Stable
INE296A07IW0 Debenture 20-Jan-16 8.70% 20-Jan-21 15.00 Simple CRISIL AAA/Stable
INE296A07IX8 Debenture 22-Jan-16 8.70% 22-Jan-21 10.00 Simple CRISIL AAA/Stable
INE296A07KC8 Debenture 18-Mar-16 8.85% 18-Mar-21 26.20 Simple CRISIL AAA/Stable
INE296A07KD6 Debenture 18-Mar-16 8.90% 18-Mar-26 28.00 Simple CRISIL AAA/Stable
INE296A07KV8 Debenture 31-Mar-16 8.75% 31-Mar-21 10.00 Simple CRISIL AAA/Stable
INE296A07KW6 Debenture 31-Mar-16 8.80% 31-Mar-26 3.00 Simple CRISIL AAA/Stable
INE296A07LA0 Debenture 26-Apr-16 8.55% 26-Apr-21 30.00 Simple CRISIL AAA/Stable
INE296A07NE8 Debenture 30-Nov-16 7.60% 30-Nov-21 80.00 Simple CRISIL AAA/Stable
INE296A07NI9 Debenture 30-Nov-16 7.55% 13-Aug-20 9.00 Simple CRISIL AAA/Stable
INE296A07MZ5 Debenture 21-Oct-16 7.60% 16-Oct-20 7.00 Simple CRISIL AAA/Stable
INE296A07NA6 Debenture 21-Oct-16 7.65% 28-Sep-21 7.00 Simple CRISIL AAA/Stable
INE296A07NB4 Debenture 21-Oct-16 7.65% 21-Oct-21 75.00 Simple CRISIL AAA/Stable
INE296A07NC2 Debenture 25-Oct-16 7.65% 25-Oct-21 26.00 Simple CRISIL AAA/Stable
INE296A07NK5 Debenture 7-Dec-16 7.50% 7-Dec-21 30.00 Simple CRISIL AAA/Stable
INE296A07NO7 Debenture 10-Jan-17 7.65% 28-Apr-22 3.80 Simple CRISIL AAA/Stable
INE296A07NP4 Debenture 13-Jan-17 7.70% 13-Jan-22 77.00 Simple CRISIL AAA/Stable
INE296A07NQ2 Debenture 20-Jan-17 7.70% 20-Jan-22 90.00 Simple CRISIL AAA/Stable
INE296A07NR0 Debenture 2-Feb-17 7.70% 2-Feb-22 10.00 Simple CRISIL AAA/Stable
INE296A07NS8 Debenture 8-Feb-17 7.70% 8-Feb-22 130.00 Simple CRISIL AAA/Stable
INE296A07NT6 Debenture 8-Feb-17 7.65% 8-Feb-21 5.00 Simple CRISIL AAA/Stable
INE296A07NZ3 Debenture 8-Feb-17 7.65% 27-Jul-20 3.20 Simple CRISIL AAA/Stable
INE296A07OA4 Debenture 8-Feb-17 7.65% 14-Aug-20 32.90 Simple CRISIL AAA/Stable
INE296A07OH9 Debenture 23-Feb-17 7.80% 11-Aug-20 5.00 Simple CRISIL AAA/Stable
INE296A07OI7 Debenture 23-Feb-17 7.80% 21-Aug-20 9.60 Simple CRISIL AAA/Stable
INE296A07OM9 Debenture 21-Mar-17 7.85% 21-Mar-22 23.50 Simple CRISIL AAA/Stable
INE296A07OV0 Debenture 24-Mar-17 7.85% 8-Jul-20 39.00 Simple CRISIL AAA/Stable
INE296A07OW8 Debenture 24-Mar-17 7.85% 29-Jul-20 18.00 Simple CRISIL AAA/Stable
INE296A07OX6 Debenture 27-Mar-17 7.85% 28-Mar-22 37.00 Simple CRISIL AAA/Stable
INE296A07PE3 Debenture 30-Mar-17 7.85% 8-Jul-20 32.00 Simple CRISIL AAA/Stable
INE296A07PI4 Debenture 31-Mar-17 7.85% 8-Jul-20 10.00 Simple CRISIL AAA/Stable
INE296A07PJ2 Debenture 31-Mar-17 7.85% 31-Jul-20 75.00 Simple CRISIL AAA/Stable
INE296A07PK0 Debenture 31-Mar-17 7.85% 4-Aug-20 12.00 Simple CRISIL AAA/Stable
INE296A07PL8 Debenture 7-Apr-17 7.85% 7-Apr-22 15.00 Simple CRISIL AAA/Stable
INE296A07PP9 Debenture 21-Apr-17 7.85% 21-Apr-22 14.00 Simple CRISIL AAA/Stable
INE296A07PT1 Debenture 17-May-17 7.77% 4-May-21 5.50 Simple CRISIL AAA/Stable
INE296A07PU9 Debenture 17-May-17 7.77% 4-Aug-20 8.00 Simple CRISIL AAA/Stable
INE296A07PX3 Debenture 29-May-17 7.77% 12-Aug-20 10.00 Simple CRISIL AAA/Stable
INE296A07PY1 Debenture 1-Jun-17 8.05% 31-May-24 1,000.00 Simple CRISIL AAA/Stable
INE296A07QA9 Debenture 20-Jun-17 7.50% 18-Jun-21 365.00 Simple CRISIL AAA/Stable
INE296A08839 Debenture 6-Jun-17 8.10% 7-Jun-32 1,000.00 Simple CRISIL AAA/Stable
INE296A07QB7 Debenture 18-Jul-17 7.50% 10-Aug-20 1,180.00 Simple CRISIL AAA/Stable
INE296A07QE1 Debenture 27-Oct-17 7.45% 27-Oct-20 400.00 Simple CRISIL AAA/Stable
INE296A07QC5 Debenture 4-Sep-17 7.25% 10-Nov-20 505.00 Simple CRISIL AAA/Stable
INE296A07QC5 Debenture 15-Sep-17 7.25% 10-Nov-20 700.00 Simple CRISIL AAA/Stable
INE296A07QF8 Debenture 31-Oct-17 7.45% 10-Dec-20 485.00 Simple CRISIL AAA/Stable
INE296A07QF8 Debenture 5-Dec-17 7.45% 10-Dec-20 600.00 Simple CRISIL AAA/Stable
INE296A07QH4 Debenture 28-Dec-17 7.70% 28-Dec-22 300.00 Simple CRISIL AAA/Stable
INE296A07QJ0 Debenture 28-Mar-18 8.10% 15-Apr-21 614.20 Simple CRISIL AAA/Stable
INE296A07QG6 Debenture 27-Jul-18 8.75% 27-Jul-23 70.00 Simple CRISIL AAA/Stable
INE296A07QG6 Debenture 13-Aug-18 8.75% 27-Jul-23 80.00 Simple CRISIL AAA/Stable
INE296A07QG6 Debenture 24-Aug-18 8.75% 27-Jul-23 31.00 Simple CRISIL AAA/Stable
INE296A07QL6 Debenture 29-Aug-18 8.65% 6-Sep-21 60.00 Simple CRISIL AAA/Stable
INE296A07QM4 Debenture 14-Sep-18 8.80% 8-Sep-23 50.00 Simple CRISIL AAA/Stable
INE296A07QN2 Debenture 14-Sep-18 8.80% 2-Sep-22 250.00 Simple CRISIL AAA/Stable
INE296A07QO0 Debenture 25-Oct-18 9.30% 7-Oct-22 25.00 Simple CRISIL AAA/Stable
INE296A07QN2 Debenture 25-Oct-18 9.30% 2-Sep-22 400.00 Simple CRISIL AAA/Stable
INE296A07QP7 Debenture 15-Nov-18 9.22% 5-May-22 370.00 Simple CRISIL AAA/Stable
INE296A07QP7 Debenture 20-Nov-18 9.25%(XIRR) 5-May-22 200.00 Simple CRISIL AAA/Stable
INE296A07QQ5 Debenture 30-Nov-18 9.20% 5-Apr-22 788.40 Simple CRISIL AAA/Stable
INE296A08904 Debenture 6-Nov-18 9.11% 2-Nov-33 1,600.00 Simple CRISIL AAA/Stable
INE296A07QP7 Debenture 5-Dec-18 9.18%(XIRR) 5-May-22 35.00 Simple CRISIL AAA/Stable
INE296A07QP7 Debenture 27-Dec-18 8.85%(XIRR) 5-May-22 60.00 Simple CRISIL AAA/Stable
INE296A07QQ5 Debenture 27-Dec-18 8.85%(XIRR) 5-Apr-22 359.30 Simple CRISIL AAA/Stable
INE296A07QR3 Debenture 27-Dec-18 8.85% 5-Jan-24 770.00 Simple CRISIL AAA/Stable
INE296A07QU7 Debenture 28-Mar-19 8.54% 7-Jun-22 770.00 Simple CRISIL AAA/Stable
INE296A07QS1 Debenture 09-Jan-19 8.95% 08-Jan-26 1,495.00 Simple CRISIL AAA/Stable
INE296A08904 Debenture 31-Jan-19 8.84%(XIRR) 02-Nov-33 625.00 Simple CRISIL AAA/Stable
INE296A07QQ5 Debenture 28-Feb-19 8.75% 05-Apr-22 165.10 Simple CRISIL AAA/Stable
INE296A07QT9 Debenture 13-Feb-19 8.85% 06-Feb-24 50.00 Simple CRISIL AAA/Stable
INE296A07QT9 Debenture 21-Feb-19 8.85% 06-Feb-24 100.00 Simple CRISIL AAA/Stable
INE296A07QN2 Debenture 20-Mar-19 8.76% 02-Sep-22 10.00 Simple CRISIL AAA/Stable
INE296A07QN2 Debenture 28-Mar-19 8.55% 02-Sep-22 600.00 Simple CRISIL AAA/Stable
INE296A07QP7 Debenture 07-Mar-19 8.75% 05-May-22 205.00 Simple CRISIL AAA/Stable
INE296A07QP7 Debenture 14-Mar-19 8.75% 05-May-22 525.00 Simple CRISIL AAA/Stable
INE296A07QP7 Debenture 20-Mar-19 8.75% 05-May-22 10.00 Simple CRISIL AAA/Stable
INE296A07QQ5 Debenture 07-Mar-19 8.75% 05-Apr-22 31.10 Simple CRISIL AAA/Stable
INE296A07QQ5 Debenture 14-Mar-19 8.75% 05-Apr-22 72.80 Simple CRISIL AAA/Stable
INE296A07QQ5 Debenture 20-Mar-19 8.75% 05-Apr-22 10.00 Simple CRISIL AAA/Stable
INE296A07QQ5 Debenture 28-Mar-19 8.55% 05-Apr-22 162.30 Simple CRISIL AAA/Stable
INE296A07QT9 Debenture 14-Mar-19 8.80% 06-Feb-24 75.00 Simple CRISIL AAA/Stable
INE296A07QT9 Debenture 20-Mar-19 8.80% 06-Feb-24 10.00 Simple CRISIL AAA/Stable
INE296A07QT9 Debenture 28-Mar-19 8.65% 06-Feb-24 5.00 Simple CRISIL AAA/Stable
INE296A08904 Debenture 02-Apr-19 8.67% 02-Nov-33 825.00 Simple CRISIL AAA/Stable
INE296A07QV5 Debenture 15-May-19 8.55% 06-Jun-24 75.00 Simple CRISIL AAA/Stable
INE296A07QG6 Debenture 27-Jun-19 8.12% 27-Jul-23 75.00 Simple CRISIL AAA/Stable
INE296A07QW3 Debenture 24-Jun-19 8.11% 08-Jul-22 256.00 Simple CRISIL AAA/Stable
INE296A08904 Debenture 07-Jun-19 8.46% 02-Nov-33 1,525.00 Simple CRISIL AAA/Stable
INE296A07QG6 Debenture 30-Jul-19 8.01% 27-Jul-23 70.00 Simple CRISIL AAA/Stable
INE296A07QN2 Debenture 30-Jul-19 8.00% 02-Sep-22 125.00 Simple CRISIL AAA/Stable
INE296A07QU7 Debenture 18-Jul-19 8.00% 07-Jun-22 1,500.00 Simple CRISIL AAA/Stable
INE296A07QU7 Debenture 30-Jul-19 8.00% 07-Jun-22 275.00 Simple CRISIL AAA/Stable
INE296A07QN2 Debenture 05-Sep-19 7.60% 02-Sep-22 900.00 Simple CRISIL AAA/Stable
INE296A07QR3 Debenture 5-Sep-19 7.75% 5-Jan-24 500.00 Simple CRISIL AAA/Stable
INE296A07QX1 Debenture 14-Nov-19 7.35% 10-Nov-22 150.00 Simple CRISIL AAA/Stable
INE296A07QX1 Debenture 29-Nov-19 7.35% 10-Nov-22 1,435.00 Simple CRISIL AAA/Stable
INE296A07QY9 Debenture 14-Nov-19 7.66% 9-Dec-24 235.00 Simple CRISIL AAA/Stable
INE296A07QZ6 Debenture 28-Jan-20 7.65% 07-Feb-25 850.00 Simple CRISIL AAA/Stable
INE296A07RA7 Debenture 28-Jan-20 7.90% 10-Jan-30 160.00 Simple CRISIL AAA/Stable
INE296A07RC3 Debenture 20-Feb-20 7.29% 10-Mar-25 715.00 Simple CRISIL AAA/Stable
INE296A07RD1 Debenture 28-Feb-20 7.60% 11-Feb-30 430.00 Simple CRISIL AAA/Stable
INE296A07RE9 Debenture 29-Apr-20 7.06% 9-Jun-23 200.00 Simple CRISIL AAA/Stable
INE296A07RF6 Debenture 1-Jun-20 6.75% 1-Jun-23 250.00 Simple CRISIL AAA/Stable
INE296A07RB5 Debenture 12-Feb-20 7.10% 10-Feb-23 3,000.00 Simple CRISIL AAA/Stable
NA Debenture^ NA NA NA 4221.3 Simple CRISIL AAA/Stable
N.A Cash Credit & Working
Capital Demand Loan
N.A N.A N.A 2620 NA CRISIL AAA/Stable
N.A Term Loan 1 N.A N.A 05-Dec-22 650 NA CRISIL AAA/Stable
N.A Term Loan 2 N.A N.A 30-Mar-21 500 NA CRISIL AAA/Stable
N.A Term Loan 3 N.A N.A 30-Oct-20 500 NA CRISIL AAA/Stable
N.A Term Loan 4 N.A N.A 30-Mar-21 1000 NA CRISIL AAA/Stable
N.A Term Loan 5 N.A N.A N.A 100 NA CRISIL AAA/Stable
N.A Term Loan 6 N.A N.A 27-Jun-20 150 NA CRISIL AAA/Stable
N.A Term Loan 7 N.A N.A 28-May-20 0 NA CRISIL AAA/Stable
N.A Term Loan 8 N.A N.A 30-Jun-19 0 NA CRISIL AAA/Stable
N.A Term Loan 10 N.A N.A 26-Nov-20 100 NA CRISIL AAA/Stable
N.A Term Loan 11 N.A N.A 31-Mar-20 200 NA CRISIL AAA/Stable
N.A Term Loan 12 N.A N.A 30-Mar-22 300 NA CRISIL AAA/Stable
N.A Term Loan 13 N.A N.A 30-Mar-21 400 NA CRISIL AAA/Stable
N.A Term Loan 14 N.A N.A 30-Jun-19 0 NA CRISIL AAA/Stable
N.A Term Loan 15 N.A N.A 30-Nov-19 500 NA CRISIL AAA/Stable
N.A Term Loan 16 N.A N.A 27-Oct-21 350 NA CRISIL AAA/Stable
N.A Term Loan 19 N.A N.A 25-Mar-24 6000 NA CRISIL AAA/Stable
N.A Proposed Long-Term
Bank Loan Facility
N.A N.A N.A 7255 NA CRISIL AAA/Stable
N.A Short-Term Bank Facility N.A N.A N.A 375 NA CRISIL A1+
N.A Fixed Deposits Programme N.A N.A N.A Programme Simple FAAA/Stable
^ Yet to be issued
 
Annexure - Details of Rating Withdrawn
ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size
(Rs. cr)
Complexity
levels
INE296A14PU5 Commercial Paper 18-Jun-19 7.80% 17-Jun-20 415 Simple
INE296A14PV3 Commercial Paper 19-Jun-19 7.80% 18-Jun-20 10 Simple
INE296A14PW1 Commercial Paper 24-Jun-19 7.85% 24-Jun-20 1,250 Simple
INE296A14PX9 Commercial Paper 28-Jun-19 7.85% 26-Jun-20 225 Simple
INE296A08359 Subordinated Debt 19-Apr-10 9.75% 19-Apr-20 55.00 Complex
INE296A08359 Subordinated Debt 6-May-10 9.75% 19-Apr-20 10.00 Complex
INE296A08425 Subordinated Debt 1-Jun-10 9.50% 1-Jun-20 50.00 Complex
INE296A08433 Subordinated Debt 2-Jul-10 9.45% 2-Jul-20 50.00 Complex
INE296A07FN5 Debenture 25-Mar-15 8.95% 25-Mar-20 25.00 Simple
INE296A07GL7 Debenture 28-Apr-15 8.82% 28-Apr-20 25.00 Simple
INE296A07NF5 Debenture 30-Nov-16 7.49% 30-Jan-20 75.00 Simple
INE296A07MX0 Debenture 21-Oct-16 7.60% 18-Feb-20 4.00 Simple
INE296A07MY8 Debenture 21-Oct-16 7.60% 13-Apr-20 10.50 Simple
INE296A07NL3 Debenture 10-Jan-17 7.65% 10-Jan-20 235.00 Simple
INE296A07NM1 Debenture 10-Jan-17 7.65% 7-Apr-20 7.30 Simple
INE296A07NN9 Debenture 10-Jan-17 7.65% 9-Jun-20 4.00 Simple
INE296A07OB2 Debenture 10-Feb-17 7.64% 31-Mar-20 50.00 Simple
INE296A07OC0 Debenture 10-Feb-17 7.65% 10-Feb-20 30.00 Simple
INE296A07OJ5 Debenture 9-Mar-17 7.75% 9-Mar-20 10.00 Simple
INE296A07OK3 Debenture 9-Mar-17 7.75% 6-May-20 3.50 Simple
INE296A07OL1 Debenture 9-Mar-17 7.75% 20-Apr-20 27.40 Simple
INE296A07NU4 Debenture 8-Feb-17 7.65% 10-Feb-20 125.00 Simple
INE296A07NV2 Debenture 8-Feb-17 7.65% 28-Jan-20 4.00 Simple
INE296A07NW0 Debenture 8-Feb-17 7.65% 27-Mar-20 21.80 Simple
INE296A07NX8 Debenture 8-Feb-17 7.65% 7-Apr-20 4.70 Simple
INE296A07NY6 Debenture 8-Feb-17 7.65% 4-May-20 39.70 Simple
INE296A07OD8 Debenture 23-Feb-17 7.80% 24-Feb-20 200.00 Simple
INE296A07OE6 Debenture 23-Feb-17 7.80% 27-Mar-20 14.00 Simple
INE296A07OF3 Debenture 23-Feb-17 7.80% 2-Apr-20 19.00 Simple
INE296A07OG1 Debenture 23-Feb-17 7.80% 6-Apr-20 25.00 Simple
INE296A07ON7 Debenture 24-Mar-17 7.85% 7-Apr-20 35.00 Simple
INE296A07OO5 Debenture 24-Mar-17 7.85% 2-Apr-20 13.00 Simple
INE296A07OP2 Debenture 24-Mar-17 7.85% 9-Apr-20 54.30 Simple
INE296A07OQ0 Debenture 24-Mar-17 7.85% 5-May-20 12.00 Simple
INE296A07OR8 Debenture 24-Mar-17 7.85% 10-May-20 20.00 Simple
INE296A07OS6 Debenture 24-Mar-17 7.85% 14-May-20 12.00 Simple
INE296A07OT4 Debenture 24-Mar-17 7.85% 20-May-20 10.00 Simple
INE296A07OU2 Debenture 24-Mar-17 7.85% 5-Jun-20 100.00 Simple
INE296A07OY4 Debenture 30-Mar-17 7.84% 29-Jun-20 735.00 Simple
INE296A07OZ1 Debenture 30-Mar-17 7.84% 15-Jun-20 175.00 Simple
INE296A07PA1 Debenture 30-Mar-17 7.85% 30-Apr-20 17.50 Simple
INE296A07PB9 Debenture 30-Mar-17 7.85% 5-May-20 10.00 Simple
INE296A07PC7 Debenture 30-Mar-17 7.85% 14-May-20 31.40 Simple
INE296A07PD5 Debenture 30-Mar-17 7.85% 4-Jun-20 500.00 Simple
INE296A07PF0 Debenture 30-Mar-17 7.85% 26-May-20 10.00 Simple
INE296A07PG8 Debenture 31-Mar-17 7.84% 30-Jun-20 355.00 Simple
INE296A07PH6 Debenture 31-Mar-17 7.85% 12-May-20 22.70 Simple
INE296A07PM6 Debenture 20-Apr-17 7.74% 30-Jun-20 480.00 Simple
INE296A07PN4 Debenture 20-Apr-17 7.75% 30-Jun-20 28.00 Simple
INE296A07PO2 Debenture 20-Apr-17 7.75% 28-Apr-20 36.70 Simple
INE296A07PQ7 Debenture 17-May-17 7.77% 17-Jun-20 105.00 Simple
INE296A07PR5 Debenture 17-May-17 7.77% 20-May-20 755.00 Simple
INE296A07PS3 Debenture 17-May-17 7.77% 6-May-20 12.00 Simple
INE296A07PV7 Debenture 19-May-17 7.77% 19-May-20 250.00 Simple
INE296A07PW5 Debenture 29-May-17 7.77% 29-May-20 215.00 Simple
INE296A07PZ8 Debenture 13-Jun-17 7.62% 15-Jun-20 1,025.00 Simple
 
Annexure - List of entities consolidated
Entity consolidated Extent of consolidation Rationale for consolidation
Bajaj Finance Limited Full Parent
Bajaj Housing Finance Limited Full Subsidiary
Bajaj Financial Securities Limited Full Subsidiary
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  20000.00  CRISIL A1+      03-12-19  CRISIL A1+  27-12-18  CRISIL A1+  26-12-17  CRISIL A1+  -- 
            18-11-19  CRISIL A1+  05-11-18  CRISIL A1+  24-10-17  CRISIL A1+   
            26-07-19  CRISIL A1+  25-07-18  CRISIL A1+  18-10-17  CRISIL A1+   
            05-04-19  CRISIL A1+  04-04-18  CRISIL A1+  13-10-17  CRISIL A1+   
            22-03-19  CRISIL A1+           
Fixed Deposits  FD  0.00  FAAA/Stable      03-12-19  FAAA/Stable  27-12-18  FAAA/Stable  26-12-17  FAAA/Stable  FAAA/Stable 
            18-11-19  FAAA/Stable  05-11-18  FAAA/Stable  24-10-17  FAAA/Stable   
            26-07-19  FAAA/Stable  25-07-18  FAAA/Stable  18-10-17  FAAA/Stable   
            05-04-19  FAAA/Stable  04-04-18  FAAA/Stable  13-10-17  FAAA/Stable   
            22-03-19  FAAA/Stable      15-06-17  FAAA/Stable   
                    09-05-17  FAAA/Stable   
                    05-05-17  FAAA/Stable   
                    04-04-17  FAAA/Stable   
                    03-02-17  FAAA/Stable   
Lower Tier II Bonds  LT  700.00
07-07-20 
CRISIL AAA/Stable      03-12-19  CRISIL AAA/Stable  27-12-18  CRISIL AAA/Stable  26-12-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
            18-11-19  CRISIL AAA/Stable  05-11-18  CRISIL AAA/Stable  24-10-17  CRISIL AAA/Stable   
            26-07-19  CRISIL AAA/Stable  25-07-18  CRISIL AAA/Stable  18-10-17  CRISIL AAA/Stable   
            05-04-19  CRISIL AAA/Stable  04-04-18  CRISIL AAA/Stable  13-10-17  CRISIL AAA/Stable   
            22-03-19  CRISIL AAA/Stable      15-06-17  CRISIL AAA/Stable   
                    09-05-17  CRISIL AAA/Stable   
                    05-05-17  CRISIL AAA/Stable   
                    04-04-17  CRISIL AAA/Stable   
                    03-02-17  CRISIL AAA/Stable   
Non Convertible Debentures  LT  36861.70
07-07-20 
CRISIL AAA/Stable      03-12-19  CRISIL AAA/Stable  27-12-18  CRISIL AAA/Stable  26-12-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
            18-11-19  CRISIL AAA/Stable  05-11-18  CRISIL AAA/Stable  24-10-17  CRISIL AAA/Stable   
            26-07-19  CRISIL AAA/Stable  25-07-18  CRISIL AAA/Stable  18-10-17  CRISIL AAA/Stable   
            05-04-19  CRISIL AAA/Stable  04-04-18  CRISIL AAA/Stable  13-10-17  CRISIL AAA/Stable   
            22-03-19  CRISIL AAA/Stable      15-06-17  CRISIL AAA/Stable   
                    09-05-17  CRISIL AAA/Stable   
                    05-05-17  CRISIL AAA/Stable   
                    04-04-17  CRISIL AAA/Stable   
                    03-02-17  CRISIL AAA/Stable   
Short Term Debt  ST                  15-06-17  CRISIL A1+  CRISIL A1+ 
                    09-05-17  CRISIL A1+   
                    05-05-17  CRISIL A1+   
                    04-04-17  CRISIL A1+   
                    03-02-17  CRISIL A1+   
Subordinated Debt  LT  3135.00
07-07-20 
CRISIL AAA/Stable      03-12-19  CRISIL AAA/Stable  27-12-18  CRISIL AAA/Stable  26-12-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
            18-11-19  CRISIL AAA/Stable  05-11-18  CRISIL AAA/Stable  24-10-17  CRISIL AAA/Stable   
            26-07-19  CRISIL AAA/Stable  25-07-18  CRISIL AAA/Stable  18-10-17  CRISIL AAA/Stable   
            05-04-19  CRISIL AAA/Stable  04-04-18  CRISIL AAA/Stable  13-10-17  CRISIL AAA/Stable   
            22-03-19  CRISIL AAA/Stable      15-06-17  CRISIL AAA/Stable   
                    09-05-17  CRISIL AAA/Stable   
                    05-05-17  CRISIL AAA/Stable   
                    04-04-17  CRISIL AAA/Stable   
                    03-02-17  CRISIL AAA/Stable   
Fund-based Bank Facilities  LT/ST  21000.00  CRISIL AAA/Stable/ CRISIL A1+      03-12-19  CRISIL AAA/Stable/ CRISIL A1+  27-12-18  CRISIL AAA/Stable/ CRISIL A1+  26-12-17  CRISIL AAA/Stable/ CRISIL A1+  CRISIL AAA/Stable/ CRISIL A1+ 
            18-11-19  CRISIL AAA/Stable/ CRISIL A1+  05-11-18  CRISIL AAA/Stable/ CRISIL A1+  24-10-17  CRISIL AAA/Stable/ CRISIL A1+   
            26-07-19  CRISIL AAA/Stable/ CRISIL A1+  25-07-18  CRISIL AAA/Stable/ CRISIL A1+  18-10-17  CRISIL AAA/Stable/ CRISIL A1+   
            05-04-19  CRISIL AAA/Stable/ CRISIL A1+  04-04-18  CRISIL AAA/Stable/ CRISIL A1+  13-10-17  CRISIL AAA/Stable/ CRISIL A1+   
            22-03-19  CRISIL AAA/Stable/ CRISIL A1+      15-06-17  CRISIL AAA/Stable/ CRISIL A1+   
                    09-05-17  CRISIL AAA/Stable/ CRISIL A1+   
                    05-05-17  CRISIL AAA/Stable/ CRISIL A1+   
                    04-04-17  CRISIL AAA/Stable/ CRISIL A1+   
                    03-02-17  CRISIL AAA/Stable/ CRISIL A1+   
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Cash Credit & Working Capital demand loan 2620 CRISIL AAA/Stable Cash Credit & Working Capital demand loan 2620 CRISIL AAA/Stable
Long Term Bank Facility 10750 CRISIL AAA/Stable Long Term Bank Facility 12450 CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 7255 CRISIL AAA/Stable Proposed Long Term Bank Loan Facility 5555 CRISIL AAA/Stable
Short Term Bank Facility 375 CRISIL A1+ Short Term Bank Facility 375 CRISIL A1+
Total 21000 -- Total 21000 --
Links to related criteria
Rating Criteria for Finance Companies
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support

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