Bright Future Infra Ltd. has secured credit facilities from banks, financial institutions, and issued bonds. One of the conditions of the bond issuance required obtaining a credit rating from any two credit rating agenci

As per directive of SEBI credit rating agencies (CRAs) are required to downgrade an instrument to 'non-investment grade with issuer not cooperating (INC) status, if all outstanding ratings of the issuer remain non-cooperative for more than six months. If non-cooperation by the issuer continues for a further six months from the date of downgrade to non-investment grade, no CRA should assign any new ratings to such issuer, until the company resumes cooperation or the rating is withdrawn. If the company stops cooperating with the CRA and does not provide information, the CRA must continue to publish a rating accompanied with the statement, 'issuer did not cooperate, based on best available information.