Obligations in Respect of Rating of Structured Finance Products :

A CRA may undertake rating of structured finance products, namely, instruments/ pay-outs resulting from securitization transactions. In such cases, apart from following all the applicable requirements in case of nonstructured ratings, the following additional requirements shall also be complied with:

• A CRA or its subsidiaries shall not provide consultancy or advisory services regarding the design of the structured finance instrument.

• The rating symbols shall clearly indicate that the ratings are for structured finance products.