The India Rating and Research (Ind-Ra)'s rating scale for term deposits is as follows:

INVESTMENT GRADE

IND tAAA

Instruments with this rating are considered to have the strongest capacity for the timely payment of financial commitments relative to other issuers or issues in the country.

IND tAA

The rating denotes a strong credit risk relative to other issuers or issues in the country. The credit risk inherent in these financial commitments differs only slightly from the country's highest rated issuers or issues.

IND tA

Instruments with this rating are considered to have an adequate capacity for the timely payment of financial commitments relative to other issuers or issues in the country. However, such capacity is more susceptible to near-term adverse changes than for financial commitments in higher rated categories.

SPECULATIVE GRADE

IND tB

Instruments with this rating are considered to have an uncertain capacity for the timely payment of financial commitments relative to other issuers or issues in the same country. Such capacity is highly susceptible to near-term adverse changes in financial and economic conditions.

IND tC

Instruments with this rating are considered to have a highly uncertain capacity for the timely payment of financial commitments relative to other issuers or issues in the country. Capacity for meeting financial commitments is solely reliant upon a sustained, favorable business and economic environment.

IND tD

This rating indicates actual or imminent payment default.