Rating Symbols & Definition

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.

Foreign Currency Rating: A Foreign-Currency Credit Rating is a forward-looking assessment of an issuer’s capacity and willingness to meet financial obligations, including in foreign currency. In addition to the issuer’s underlying credit profile, the rating incorporates transfer & convertibility risk.

Local Currency Rating: A Local-Currency Credit Rating is a forward-looking assessment of an issuer’s capacity and willingness to meet its financial obligations in local currency

Rating Symbols & Definition