Rating of Municipal Bonds on the Expected Loss (EL) based Rating Scale

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..... ruments, Security Receipts, Municipal Debt Securities or Commercial Paper Recognized Stock Exchanges All Depositories registered with SEBI Dear Sir / Madam, Sub: Rating of Municipal Bonds on the Expected Loss (EL) based Rating Scale 1. Para 5.6.1 of the Master Circular for Credit Rating Agencies (CRAs) ("Master Circular") dated May 16, 2024 provides that in addition to the standardized rating .....

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..... ucture assets. 3. This circular shall be applicable with immediate effect. 4. This circular is issued with the approval of competent authority, in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 20 of CRA Regulations to protect the interest of investors in securities and to promote the development of, a .....

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