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CGIL defines default as the failure of an issuer or sovereign to honour any promised debt servicing obligations within the stipulated timeframe and in full. A sovereign is also considered to be in default if it enters a debt exchange with its commercial financial creditors in a distress situation, based on the criteria mentioned in CareEdge Global Sovereign Rating Methodology.
Rating symbols
Definition
CareEdge AAA
Denotes highest degree of safety regarding servicing of debt obligations with lowest credit risk.
Investment Grade
CareEdge AA
Denotes a high degree of safety regarding servicing of debt obligations carrying very low credit risk.
CareEdge A
Denotes adequate degree of safety regarding servicing of debt obligations with low credit risk
CareEdge BBB
Denotes a moderate degree of safety regarding servicing of debt obligations with moderate credit risk.
CareEdge BB
Denotes inadequate degree of safety regarding servicing of debt obligations with high credit risk.
Sub-Investment Grade
CareEdge B
Denotes high vulnerability to default regarding servicing of debt obligations with very high credit risk.
CareEdge CCC
Denotes very high vulnerability to default regarding servicing of debt obligations with substantial credit risk.
CareEdge CC
Denotes imminent likelihood of default.
CareEdge C
Denotes imminent likelihood of default and/or restructuring with potential loss of principal.
CareEdge SD
Denotes default on one or more instruments while obligations on other instruments are being honoured.
CareEdge D
Denotes default on debt obligations.
Modifiers {"+" (plus) / "-"(minus)} can be used with the rating symbols for the categories CareEdge AA to CareEdge CCC. The modifiers reflect the comparative standing within the category.
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