It has been decided to provide specific timelines for dealing with appeals made by the issuer in respect of rating actions carried out pursuant to periodic surveillance of ratings.
Periodic surveillance
Communication of the rating to the issuer – 1 working day* of the Rating Committee meeting
Request for review/ appeal of rating by the Issuer – 3 working days of the Rating Committee meeting
Dissemination of Press Release on CRA’s website and intimation of the same to Stock Exchange/ Debenture Trustee – 7 working days of the Rating Committee meeting
* While an outer timeline of 1 working day has been specified, CRAs shall endeavor to communicate the rating to the issuer on the same day as the Rating Committee meeting.
The circular shall be applicable with effect from August 01, 2024.
Monitoring of this circular shall be done in terms of the half-yearly internal audit for CRAs, mandated under Regulation 22 of the CRA Regulations and circulars issued thereunder.
About the Author
