CREDIT RATINGS

Credit Ratings

Instrument Type	CRISIL	CARE	ICRA	India Ratings
Fixed Deposit	AA (Outlook – Stable)	AA (Outlook – Stable)	–	–
NCD	AA (Outlook – Stable)	AA (Outlook – Stable)	AA (Outlook – Stable)	AA (Outlook – Stable)
CP	A1+	A1+	–	–
Bank Loans	AA (Outlook – Stable)	AA (Outlook – Stable)	–	–

	February 28, 2023	Change in Credit Rating Outlook by India Ratings and Research
	October 22, 2022	Change in Credit Rating Outlook by CRISIL
	June 24, 2022	Migration of Rating on Fixed Deposit (FD) programmes by CRISIL Ratings
	June 16, 2022	Change in Credit Rating outlook for NCDs by ICRA
	June 13, 2022	Change in Credit Rating outlook for NCDs by ICRA
	July 4, 2020	Rating Revision and Change in outlook for Bank Borrowings, NCDs and Fixed Deposits by CARE
	May 1, 2020	Revision in outlook for Bank Borrowings, NCDs and Fixed Deposits by CRISIL
	April 25, 2020	Revision in outlook for Bank Borrowings, NCDs and Fixed Deposits by CARE
	April 04, 2020	Downgrade in NCD Rating by ICRA
	March 07, 2020	Downgrade in NCD Rating by India Ratings
	February 2020	Revision in Credit Rating by CRISIL
	July 2019	Reaffirmation of ratings and change in rating outlook by CRISIL
	July 2019	Revision in Credit Rating by CARE
	June 2019	Revision in Rating 0utlook on NCDs by ICRA
	April 2019	CARE Ratings places Credit Watch with Developing Implication
	March 2019	Issuer Profile by CRISIL
	January 2019	Downgrade in Credit Rating of NCD by India Ratings
	August 2018	Issuer Profile by CRISIL
	February 2018	Issuer Profile by CRISIL
	July 2017	Issuer Profile by CRISIL