Credit rating

A detailed flow chart of CRISIL's rating

process is as below:

CRISIL's ratings process is designed to ensure that all ratings are based on the highest standards
of independence and analytical rigour.
From the initial meeting with the management to the assignment of the rating, the rating process
normally takes three to four weeks. However, CRISIL has sometimes arrived at rating decisions
in shorter timeframes, to meet urgent requirements. The process of rating starts with a rating
request from the issuer, and the signing of a rating agreement. CRISIL employs a multi-layered,
decision-making process in assigning a rating.

Credit Rating of HDFC BANK

HDFC Bank has its deposit programmes rated by two rating agencies - Credit Analysis &
Research Limited. (CARE) and Fitch Ratings India Private Limited. The bank's Fixed Deposit
programme has been rated 'CARE AAA (FD)' [Triple A] by CARE, which represents instruments
considered to be "of the best quality, carrying negligible investment risk".
CARE has also rated the bank's Certificate of Deposit (CD) programme "PR 1+" which
represents "superior capacity for repayment of short term promissory obligations". Fitch Ratings
India Pvt. Ltd. (100% subsidiary of Fitch Inc.) has assigned the "tAAA ( ind )" rating to the
bank's deposit programme, with the outlook on the rating as "stable". This rating indicates
"highest credit quality" where "protection factors are very high".
HDFC Bank also has its long term unsecured, subordinated (Tier II) Bonds of Rs.4 billion rated
by CARE and Fitch Ratings India Private Limited. CARE has assigned the rating of "CARE
AAA" for the Tier II Bonds while Fitch Ratings India Pvt. Ltd. has assigned the rating
"AAA( ind )" with the outlook on the rating as "stable". In each of the cases referred to above,
the ratings awarded were the highest assigned by the rating agency for those instruments.

Credit rating of SBT

NEW DELHI: Rating agency ICRA on Wednesday assigned highest credit rating to the Rs 250
crore debt programme of the State Bank of Travancore (SBT).
The 'LAAA' rating indicates lowest risk and takes into account the strong parentage of SBT in
the form of State Bank of India's (SBI), which holds 75 per cent stake in the bank.
Operational and management synergies between both the banks, the strong franchise
network, stable deposit base and a big retail portfolio were also taken into account while
giving the rating, ICRA said in a release.
The rating agency also assigned the highest rating of 'mfa+' to Canbank Mutual Fund's three
month fixed maturity plan - series 1.

The rating indicates highest credit quality and lowest risk in the short-term. The scheme is
managed by Canbank Investment Management Services, a wholly-owned subsidiary of
Canara Bank.
In yet another release, ICRA said it has assigned the same rating to three plans of HDFCQuarterly Interval Fund (HDFC-QIP) - HDFC Quarterly Interval Fund A, B and C.