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Capital Protection Oriented Fund Ratings

In 2006, we assigned the country's first rating on a Capital Protection-Oriented Fund (CPOF). The ratings on CPOFs indicate the degree of certainty regarding timely payment of the face value of the units to unit holders on maturity of the scheme. The rating on CPOFs is on the structured obligation (SO) scale. The rating is not a comment on the scheme's net asset value (NAV) in relation to the face value of the scheme's units at any time before their redemption.

 

CPOF ratings are monitored to analyse the probability of the following:

  • The portfolio value falling below the initially contracted principal value
  • Investors getting their initial investment value back in full on maturity of the scheme

Benefits of CPF:

  • Provides investors with an independent opinion on the likelihood of timely repayment of the initial investment in the rated instrument on maturity
  • Allows investors to participate in upturns in the equity market without suffering from any erosion in the value of the investment in case of a downturn

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Credit Quality Rating

In 1996, Crisil pioneered the concept of credit quality ratings for the money market and debt funds in the domestic market. Credit Quality Ratings from Crisil Ratings are an opinion on the expected default probability of securities in the fund portfolio. These ratings are assigned only to funds that invest entirely or almost entirely in debt.

The rating indicates Crisil Ratings’ opinion on the credit quality of the debt securities that the fund holds. To maintain the rating at all times, the fund has to maintain a certain level of credit quality of the portfolio.

 

Long-term ratings are assigned to open-ended funds (funds that do not have a defined maturity date) and to funds that have an original contracted maturity of more than one year. Short-term ratings are assigned to funds that have an original contracted maturity of one year or less.

Rating Scales

Rating scales for our Fund Rating instruments are as following:
 

Credit Quality Ratings

Long-Term Ratings

 

Rating Description
Crisil AAAmfs
 Schemes with this rating are considered to have the highest degree of safety regarding timely receipt of payments from the investments that they have made.
Crisil AAmfs
 Schemes with this rating are considered to have the high degree of safety regarding timely receipt of payments from the investments that they have made.
Crisil Amfs
 Schemes with this rating are considered to have the adequate degree of safety regarding timely receipt of payments from the investments that they have made.
Crisil BBBmfs
 Schemes with this rating are considered to have the moderate degree of safety regarding timely receipt of payments from the investments that they have made.
Crisil BBmfs Schemes with this rating are considered to have moderate risk of default regarding timely receipt of payments from the investments that they have made.
Crisil Bmfs
 Schemes with this rating are considered to have high risk of default regarding timely receipt of payments from the investments that they have made.
Crisil Cmfs
 Schemes with this rating are considered to have very high risk of default regarding timely receipt of payments from the investments that they have made.

Note

  • The ratings from 'Crisil AAmfs' to 'Crisil Cmfs' may be modified by the addition of a '+' (plus) or '-' (minus) sign to reflect comparative standing within the category.

Short-Term Ratings

 

Rating Description
Crisil A1mfs
 Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made.
Crisil A2mfs
 Schemes with this rating are considered to have strong degree of safety regarding timely receipt of payments from the investments that they have made.
Crisil A3mfs
 Schemes with this rating are considered to have moderate degree of safety regarding timely receipt of payments from the investments that they have made.
Crisil A4mfs
 Schemes with this rating are considered to have minimal degree of safety regarding timely receipt of payments from the investments that they have made.

 

Note 

  • The ratings from 'Crisil A1mfs' to 'Crisil A4mfs' may be modified by the addition of a '+' (plus) sign to reflect comparative standing within the category.

 

Pursuant to SEBI notifications, Crisil Limited (Crisil) has transferred its Ratings business to its wholly owned subsidiary, Crisil Ratings Limited (Crisil Ratings), with effect from December 31, 2020. Any reference to Crisil in the documents published by the Ratings division of Crisil, such as Rating Rationales, Credit Rating Reports, Press Releases, Criteria, Methodology, FAQs, Policies and Disclosures, shall henceforth refer to Crisil Ratings.



Rating List

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Questions?

  • To get a copy of rating reports, please email us at:
    crisilratingdesk@crisil.com

  • For analytical queries, please email us at:
    ratingsinvestordesk@crisil.com

  • For any other information,  please call or email us at:
    +1800 267 1301
    crisilratingdesk@crisil.com