Press Release

Press Release

August 26, 2026

ANDHRA PRADESH CAPITAL REGION DEVELOPMENT AUTHORITY (APCRDA)
Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Non Convertible Debentures (NCD)	800.00	0.00	ACUITE BBB \| CE \| Stable \| Reaffirmed	-	SEBI
Non Convertible Debentures (NCD)	400.00	0.00	Not Applicable \| Withdrawn	-	SEBI
Total Outstanding	800.00	0.00	-	-	-
Total Withdrawn	400.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has reaffirmed its long-term rating to ‘ACUITE BBB (CE)’ (read as ACUITE triple B (Credit Enhancement)) on the Rs. 800.00 Cr. Non-Convertible Debentures (NCDs) of Andhra Pradesh Capital Region Development Authority (APCRDA). The outlook is 'Stable'.

Acuité has withdrawn its long-term rating on Rs. 400.00 Cr. Non-Convertible Debentures of Andhra Pradesh Capital Region Development Authority (APCRDA) without assigning any rating as the NCDs are fully redeemed. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of issuer request and publicly available information.

Rationale for the rating

The rationale factors in the failure to remit payment to debenture holders (principal and/or interest) for reasons beyond the control of the issuer vide SEBI circular SEBI/HO/DDHS/DDHS-PoD-3/P/CIR/2024/160 dated November 18, 2024.

On August 14, 2026, debt servicing for the listed bonds under ISINs INE01E708032, INE01E708040 and INE01E708057 was initiated by APCRDA for the full due amount of Rs. 123.41 Cr.; while payments to all bondholders were processed on schedule, transactions to 18 bondholders aggregating Rs. 0.20 Cr. were returned/rejected by their respective banks due to reasons such as incorrect or inactive account numbers, invalid IFSC codes, or accounts being blocked/frozen (The same has been disclosed in the 'Any other information' section of this press release). The Bond Servicing Account (BSA) held a sufficient balance of Rs.185.92 crore as of the due date, ensuring adequate liquidity to meet the scheduled servicing obligations; as per the confirmation received from the bank and as evidenced in the bank statements, sufficient funds were available in the account for debt servicing.

Acuite has upgraded APCRDA's unsupported rating to 'ACUITE B' from 'ACUITE C', considering the timely repayment of bank loan debt-servicing obligations since October 2025. The rating action is further supported by satisfactory feedback received from the debenture trustee and the lenders, confirming the timely servicing of debt obligations during this period.

About the Company

The erstwhile state of Andhra Pradesh was bifurcated into the successor states of Andhra Pradesh (AP) and Telangana in June 2014 vide the Andhra Pradesh Reorganization Act, 2014 act of the Indian Parliament. Andhra Pradesh Capital Region Development Authority (APCRDA) was formed in 2014 under ‘AP Capital Region Development Act 2014’ and is a statutory body under Government of Andhra Pradesh (GoAP). The objectives of APCRDA are planning, coordination, execution, and financing for the development of Amaravati. Amaravati is in Guntur district with an area of ~217 sq. km. and is strategically located within 30 minutes of driving distance of two major urban centres viz. Vijayawada and Guntur.

Unsupported Rating

ACUITE B/ Stable

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of APCRDA and has factored in support extended by GoAP (through an unconditional and irrevocable guarantee) as well as the presence of the Structured Payment Mechanism including the availability of Debt Service Reserve Account (DSRA) while arriving at the rating.

Key Rating Drivers

Strengths

Unconditional and irrevocable guarantee from GoAP along with a Structured Payment Mechanism

The interest and the principal payments on the NCDs are backed by an unconditional and irrevocable guarantee from the Government of Andhra Pradesh (GoAP). The structure mechanism entails maintenance of Debt Service Reserve Account (DSRA) balance equivalent to total debt servicing obligation of the outstanding bonds for the next 2 quarters and Bond Servicing Account (BSA) balance equivalent to 1.5 times the amount of debt servicing requirement (interest and principal). The company has maintained DSRA and BSA balances till date. Under the structure, the debenture trustee is required to independently monitor the adequacy of funds in the BSA by the T-15th day of the relevant period and notify the issuer in the event of any shortfall. If the shortfall is not rectified by the T-7th day thereafter, the trustee is authorized to utilize funds from the DSRA to meet the debt servicing obligations. Any shortfall in DSRA account due to utilization of funds from the DSRA is required to be replenished by the issuer within 5 days. Further, in the event that the DSRA is not restored within 30 days of the shortfall, the debenture trustee has the right to invoke the GoAP guarantee for the entire outstanding principal amount. The continuous adherence to the structured payment mechanism will remain a key rating sensitivity factor.

Weaknesses

High linkages with the vulnerable fiscal profile of Andhra Pradesh
The positioning of Andhra Pradesh as an attractive major destination for various local and international investors will require significant investments in infrastructure development in Amaravati. High developmental expenditure is required for execution of these mega plans which has been funded largely through long term investments and borrowings from various domestic and international investors. Besides the participation of the private sector through Public-Private Partnership (PPP), the State Government is expected to support these development plans through various fiscal sops, equity contributions, soft loans and issuance of guarantees in Favor of the lenders to these projects. Acuité believes APCRDA will have a significant dependence on grants from State and Central Government. Timely support from the State Government or any long-term equity tie up for timely completion of the projects will remain a key monitorable. The rating factors in support from the State Government to APCRDA in a timely manner.

As per the Andhra Pradesh State Budget 2026-27, the state's fiscal position is expected to improve, with the revenue deficit budgeted at Rs. 22,003 crore (1.1% of GSDP) compared to Rs. 41,118 crore (2.3% of GSDP) in FY2025-26 (RE). The fiscal deficit is estimated at 3.8% of GSDP in FY2026-27, lower than 4.6% of GSDP in FY2025-26 (RE). Net receipts and net expenditure are budgeted at Rs. 2,34,190 crore and Rs. 3,10,058 crore, respectively, while capital outlay is proposed at Rs. 48,698 crore, underscoring the state's emphasis on infrastructure development and capital creation.

The influence of any adverse macro-economic factors such as cutbacks in capex plans by corporates and improved sops by other States may impinge on the investment flows into the State. Any further slippages in the key fiscal parameters could impact the credit profile of the State. Andhra Pradesh’s ability to attain an improvement in its fiscal parameters also depends on its revenue generation which in turn is linked to its own revenues as well as devolution from Centre. Any further slowdown in investment flows and sluggishness in economic activity may affect its fiscal parameters. The ability to maintain fiscal discipline while facilitating higher GSDP growth will be a key determinant of GoAP’s credit profile, going forward.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

The CE structure has been applied considering adequacy and timeliness in the receipt of funds required for debt service, unconditional and irrevocable guarantee from GoAP towards debt obligations of APCRDA. Continuous feedback from the trustee is taken to monitor the timely repayment of the debt obligations.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Improvement in net cash accruals over Rs. 300 Cr consistently
Improvement in the financial and credit profile of GoAP
Timely servicing of all debt obligations

Potential triggers (individual or collective) for a downward rating action:

Shortfall/irregularities in BSA, DSRA, FD and/or corpus fund or any invocation of guarantee
Deterioration of financial and credit profile of GoAP indicated by fiscal deficit remaining over 5%

All Covenants

Affirmative Covenants
The issuer covenants with the Bond Trustee that until the Final Settlement Date of Bonds it shall;

Utilise proceeds of bonds received towards the purpose.
Take all steps necessary to get the Bonds listed within 20 (Twenty) calendar days from the Date of allotment.
In case of a delay by the Issuer in listing the Bonds beyond 20 (Twenty) calendar days from the Date of allotment the Issuer shall make payment to the Bond Holders of additional interest calculated on the face value of the Bonds at the rate of at least 1% (One Percent) p.a. over and above the Interest Rate from the expiry of 30 (Thirty) calendar days from the Date of allotment until the listing of the Bonds.
APCRDA shall take all necessary steps to preserve its status as authority and shall comply with all relevant necessary guidelines.
No Misrepresentation.
Pay all costs, charges and expenses in any way incurred by the Bond Trustee towards protection of Bondholders' interests.
Increased Costs.
Furnish all required information to trustee.
Further Assurances.
Ensure validity of transaction documents
Ensure execution of further documents and acts.
Comply with each of the Financial Terms and Conditions.
Ensure Records and Inspection.
Issuer to ensure that Bonds are rated by the Rating Agencies and continue to be rated during the tenure of the Bonds.
Perform all of its respective obligations under the terms of the Transaction Documents and maintain in full force and effect each of the Transaction Documents to which it is a party.
The Issuer agrees that it shall forward to the Bond Trustee promptly, whether a request for the same has been made or not: (i) a copy of the Statutory Auditors' and ' Annual Report of Issuer, Balance Sheet and Profit & Loss Account and of all periodical and special reports at the same time as they are issued; (ii) a copy of all notices, resolutions and circulars relating to new issue of debt securities at the same time as they are sent to shareholders/ holders of debt securities; (iii) a copy of all the notices, call letters, circulars, proceedings, etc. of the meetings of debt security holders at the same time as they are sent to the holders of debt securities or advertised in the media.
The Issuer shall, while submitting half yearly/ annual financial results to the stock exchange disclose the following line items along with the financial results accompanied by a certificate from the Bond Trustee confirming that it has taken note of the said content and the same shall be communicated to the Bond Holder(s) on a half-yearly basis: (i) Credit rating of the Issue and change in credit rating (if any); asset cover available, in case of non convertible debt securities (ii) Asset cover available (iii) Debt- Equity Ratio of the Issuer; (iv) Previous due date for the payment of Interest / principal and whether the same has been paid or not; (v) Next due date of payment along with the amount of interest/redemption amount payable; (vi) debt service coverage ratio; interest service coverage ratio; Net Worth; Net profit after tax;
Notify the Bond Trustee in writing no later than 5 working days of any information submission.
The issuer shall provide periodicalstatus / performance reports within 7 (Seven) calender days of the relevant board meeting or within 45 (Forty five) calendar days of respective quarter whichever is earlier.

Negative Covenants
The Issuer hereby covenants with the Bond Trustee that until the Final Settlement Date, the Issuer shall not, except as may otherwise be previously agreed to in writing by the Bond Trustee (acting upon the receipt of the prior written approval of the Majority Bond Holder(s);
(a) Merger, Restructuring Etc.
(b) Engage in or undertake any restructuring, by way of merger, de-merger, acquisition, restructuring or amalgamation, consolidation. Arrangement With Creditors/Shareholders Enter into any transaction of merger, de-merger, consolidation, re-organization, scheme of arrangement or compromise with its creditors or shareholders or effect any scheme of amalgamation or reconstruction; provided however that this restriction shall not apply in the event that the compliance with this restriction would result in the Issuer defaulting in relation to any of its payment obligations in relation to the Bonds.
(c) Disposal Of Assets ; Sell, transfer, or otherwise dispose of assets/business/division in any manner whatsoever.
(d)Change Of Business Undertake any new business or diversify or any change in the general nature and conduct of its business. Further main revenue account shall strictly complywater fall mechanism defined in accounts agreement
(e) take any action/ commit any omission and/ or allow any action to be taken/ any omission to be committed which would result in the termination of any of the Transaction Documents;
(f) undertake that authority shall not provide third party Guarantees in violation of any of the transaction documents
(g) wind up, liquidate or dissolve its affairs;
(h) enter into any compromise or arrangement or settlement with the creditors of the Issuer. Assessment of Adequacy of CE Structure The CE structure has been applied considering unconditional and irrevocable guarantee from GoAP towards debt obligations of APCRDA. Continuous feedback from the trustee is taken to monitor the timely repayment of the debt obligations.

Liquidity Position

Adequate

APCRDA's liquidity profile is supported by the receipt of grants from the Government of Andhra Pradesh (GoAP) for debt servicing obligations. Additionally, liquidity is strengthened by the Debt Service Reserve Account (DSRA) and the structured payment mechanism in place. Under the stipulated T-structure, APCRDA is required to maintain a DSRA equivalent to two quarters of debt servicing obligations and a balance of 1.5 times the upcoming debt obligation in the Bond Servicing Account (BSA). As of August 14, 2026, the BSA maintained an adequate balance of Rs.185.92 crore which is utilised to meet debt service requirements for Aug 2026. Further, the cash and bank balance of the company stood at Rs. 3349.83 Cr. as on March 31, 2026. (prov.). The total debt servicing obligation, including principal and interest, for FY2027 is ~Rs.1,468 crore and is expected to be met through the envisaged funding support from GoAP. GoAP has provided a cumulative budgetary allocation of Rs. 836 crore across fiscals 2026 and 2027 towards partially meeting APCRDA's debt servicing commitments. Given APCRDA's currently limited internal cash flow generation, continued financial support from the state government remains critical to its debt servicing capability. Further, the interest and principal payments on the NCDs are backed by an unconditional and irrevocable guarantee from GoAP, providing additional comfort to liquidity and debt repayment obligations.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials :

Particulars	Unit	FY 26 (Provisional)	FY 25 (Provisional)
Operating Income	Rs. Cr.	163.17	91.25
PAT	Rs. Cr.	111.63	75.95
PAT Margin	(%)	68.41	83.23
Total Debt/Tangible Net Worth	Times	1.13	0.69
PBDIT/Interest	Times	0.00	1132.14

*Note-Interest expenses is not available in FY26 provisional financials

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Any other information

Name of the security	ISIN	Amount to be paid	Due date of payment	Amount of payment made	Amount of payment failed	Reasons for failure of payment
Non-Convertible Debentures (NCD)	INE01E708032	102340	16-August-26	102340	102340	No such Account
Non-Convertible Debentures (NCD)	INE01E708032	767558	16-August-26	767558	767558	Miscellaneous-Others
Non-Convertible Debentures (NCD)	INE01E708057	93643	16-August-26	93643	93643	Miscellaneous-Others
Non-Convertible Debentures (NCD)	INE01E708040	4681	16-August-26	4681	4681	Account Holder expired
Non-Convertible Debentures (NCD)	INE01E708040	23410	16-August-26	23410	23410	A/C Blocked or Frozen
Non-Convertible Debentures (NCD)	INE01E708040	4681	16-August-26	4681	4681	A/C Blocked or Frozen
Non-Convertible Debentures (NCD)	INE01E708057	56186	16-August-26	56186	56186	A/C Blocked or Frozen
Non-Convertible Debentures (NCD)	INE01E708032	358193	16-August-26	358193	358193	A/C Blocked or Frozen
Non-Convertible Debentures (NCD)	INE01E708057	9364	16-August-26	9364	9364	No such Account
Non-Convertible Debentures (NCD)	INE01E708057	23410	16-August-26	23410	23410	Account Closed
Non-Convertible Debentures (NCD)	INE01E708040	4681	16-August-26	4681	4681	No such Account
Non-Convertible Debentures (NCD)	INE01E708057	18729	16-August-26	18729	18729	Invalid bank ID
Non-Convertible Debentures (NCD)	INE01E708040	14046	16-August-26	14046	14046	Invalid bank ID
Non-Convertible Debentures (NCD)	INE01E708057	9364	16-August-26	9364	9364	Invalid IFSC Code
Non-Convertible Debentures (NCD)	INE01E708057	18729	16-August-26	18729	18729	Incorrect A/C No.
Non-Convertible Debentures (NCD)	INE01E708032	102340	16-August-26	102340	102340	Payment Stop
Non-Convertible Debentures (NCD)	INE01E708040	383938	16-August-26	383938	383938	Closed Account
Non-Convertible Debentures (NCD)	INE01E708057	9364	16-August-26	9364	9364	Closed Account

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.htm
• Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm
• State Government Ratings : https://www.acuite.in/view-rating-criteria-26.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
27 May 2026	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB (CE) \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB (CE) \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB (CE) \| Stable (Reaffirmed)
23 Feb 2026	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB (CE) \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB (CE) \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB (CE) \| Stable (Reaffirmed)
28 Nov 2025	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB (CE) \| Stable (Upgraded from ACUITE BB (CE) \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB (CE) \| Stable (Upgraded from ACUITE BB (CE) \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB (CE) \| Stable (Upgraded from ACUITE BB (CE) \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE Not Applicable (Withdrawn)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE Not Applicable (Withdrawn)
29 Nov 2024	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BB (CE) \| Stable (Upgraded from ACUITE C)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BB (CE) \| Stable (Upgraded from ACUITE C)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BB (CE) \| Stable (Upgraded from ACUITE C)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BB (CE) \| Stable (Upgraded from ACUITE C)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BB (CE) \| Stable (Upgraded from ACUITE C)
30 Nov 2023	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE C (Downgraded from ACUITE BBB+ (CE) \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE C (Downgraded from ACUITE BBB+ (CE) \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE C (Downgraded from ACUITE BBB+ (CE) \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE C (Downgraded from ACUITE BBB+ (CE) \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE C (Downgraded from ACUITE BBB+ (CE) \| Stable)
28 Sep 2023	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB+ (CE) \| Stable (Upgraded from ACUITE BB+ (CE))
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB+ (CE) \| Stable (Upgraded from ACUITE BB+ (CE))
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB+ (CE) \| Stable (Upgraded from ACUITE BB+ (CE))
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB+ (CE) \| Stable (Upgraded from ACUITE BB+ (CE))
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BBB+ (CE) \| Stable (Upgraded from ACUITE BB+ (CE))
29 Aug 2023	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BB+ (CE) (Downgraded & Issuer not co-operating* from ACUITE BBB+ (CE) \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BB+ (CE) (Downgraded & Issuer not co-operating* from ACUITE BBB+ (CE) \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BB+ (CE) (Downgraded & Issuer not co-operating* from ACUITE BBB+ (CE) \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BB+ (CE) (Downgraded & Issuer not co-operating* from ACUITE BBB+ (CE) \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	400.00	ACUITE BB+ (CE) (Downgraded & Issuer not co-operating* from ACUITE BBB+ (CE) \| Stable)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	INE01E708040	Non-Convertible Debentures (NCD)	Listed	SEBI	16 Aug 2018	10.32	16 Aug 2027	400.00	Simple	ACUITE BBB \| CE \| Stable \| Reaffirmed
Not Applicable	INE01E708057	Non-Convertible Debentures (NCD)	Listed	SEBI	16 Aug 2018	10.32	16 Aug 2028	400.00	Simple	ACUITE BBB \| CE \| Stable \| Reaffirmed
Not Applicable	INE01E708032	Non-Convertible Debentures (NCD)	Listed	SEBI	16 Aug 2018	10.32	16 Aug 2026	400.00	Simple	ACUITE Not Applicable \| Withdrawn

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No.	Company Name
1	Andhra Pradesh Capital Region Development Authority (APCRDA)
2	Government of Andhra Pradesh

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nidhi Gala
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹ ⁶	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts ⁶	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) ⁷	+
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁸	Not applicable

⁸ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.