Credit Rating Agencies may not be taking cognizance of information for delays in servicing debt obligations while reviewing of its ratings. What are the material events requiring a review by the Credit Rating Agencies as

The statement is based on SEBI circular no. SEBI/HO/MIRSD/MIRSD4/CIR/P/2017/71 dated 30 th June, 2017, issued for Monitoring and Review of Ratings by Credit Rating Agencies (CRAS): As per regulation 15 of SEBI (Credit Rating Agencies) Regulations, 1999, CRAs are required to continuously monitor the rating of securities and disseminate information regarding newly assigned ratings, and changes in earlier rating, promptly through press releases on website of CRAs as well as all the stock exchanges where the said securities are listed. Material Events requiring a review CRAs shall carry out a review of the ratings upon the occurrence of or announcement/news of material events including, but not restricted to the following: Quarterly/Half-Yearly/Annual results; Merger/Demerger/Amalgamation/Acquisition; Corporate debt restructuring, reference to BIFR and winding-up petition filed by any party/creditors; Significant decline in Share prices/Bond prices of the issuer or group companies which is not linked to overall market movement; Significant increase in debt level or cost of debt of the issuer company; Losses, sharp revenue De-growth, etc. based on publicly disclosed financial statements, which are not in line with CRA's earlier estimates; Granting, withdrawal, surrender, cancellation or suspension of key licences or regulatory approvals; Disruption/commencement/postponement of operations of any unit or division of the listed entity; Any attachment or prohibitory orders against the Issuer; Any rating action taken by an international rating agency with respect to rating assigned to the Issuer/instruments issued by the Issuer.