Rating Process  of   CRA

A CRA shall keep the following records in support of each credit rating and review / surveillance thereof:

• The important factors underlying the credit rating and sensitivity of such credit rating to changes in these factors;

• Summary of discussions with the issuer, its management, auditors and bankers which have a bearing on the credit rating;

• Decisions of the rating committee(s), including voting details and notes of dissent, if any, by any member of the rating committee, and

• If a quantitative model is a substantial component of the credit rating process, the rationale for any material difference between the credit rating implied by the model and the credit rating actually assigned.

These records should be maintained till five years after maturity of instruments and be made available to auditors and regulatory bodies when sought by them.