the issuer will not have to disclose the

Question

The issuer will not have to disclose the rating to the public.

The firm can, either independently or with the help of its investment banker, assess its shadow rating by proceeding in the following manner:

1. After collecting the relevant information, various financial ratios used by rating agencies can be computed.

2. Companies with similar projects having published ratings are identified. The financial ratios of these companies can be used for comparison.

3. Apart from these financial ratios, the management quality, performance of parent/group companies are also assessed.

4. More weightage is given to those factors/information that have a major impact on the performance of the company. Based on this also the strengths and limitations of the firm are identified.

5. The ratings of the industry averages, and other companies with similar projects may be used and assigned as indicative rating.

6. To this indicative rating, the sovereign limitations may be applied to get the final indicative rating. This rating should preferably be in the form of a range and not be specfic.