RBI revises rating symbol of Fitch on name change
Mumbai: The Reserve Bank today said it has revised the rating symbols of Fitch India post the rating agency's change of name to India Ratings and Research Private Ltd (India Ratings).
"...It has been decided to revise...To include the new name of the CRA viz. 'India Ratings and Research Private Limited (India Ratings) in place of the earlier name of the CRA viz. 'Fitch India'," RBI said in a notification.
The new ratings for long term debt instruments would be as - IND AAA (from Fitch AAA), IND AA (Fitch AA), IND A (Fitch A), IND BBB (Fitch BBB), IND BB ( Fitch BB), IND B (Fitch B), IND C (Fitch C) and IND D (Fitch D).
For ratings to short-term debt instruments, the symbols would be -IND A1 (Fitch A1), IND A2 (Fitch A2), IND A3 (Fitch A3), IND A4 (Fitch A4) and IND D( Fitch D).
The name of the credit rating agency (CRA) has been changed to 'India Ratings and Research Private Limited (India Ratings)' after splitting of Indian operations of Fitch Ratings into domestic and international operations, RBI said.
The rating agency has been accredited for the purpose of risk weighting the banks' claims for capital adequacy purposes alongwith other credit rating agencies.