Sources

Every record in TatvaRatings traces to a credit rating press release published by a SEBI-registered credit rating agency on that agency’s own website. There is no second category of source.

The seven public archives

Each agency maintains its own archive of issuer-specific press releases and rating rationales. These are the primary sources.

Links are to each agency’s site root. Archive paths change; the agencies’ own search is the durable route to a specific issuer.

Why these documents are public

This is not incidental publication. It is what the regulator requires.

SEBI’s framework for credit rating agencies requires each agency to:

• publish an issuer-specific press release for each rating action, on its own website;
• make its rating disclosures available in machine-readable format — SEBI’s framework specifies Excel or a comparable machine-readable form;
• maintain an archive of those disclosures on its website for at least ten years.

The regulator’s design intent, on the face of the requirement, is durable, open, machine-readable access to rating disclosures. TatvaRatings reads exactly the documents SEBI requires to be published in exactly the form SEBI requires them to be published in.

Reference: SEBI Master Circular for Credit Rating Agencies — copy hosted by India Ratings (PDF).

The position on rights

Stated plainly, because a compliance reviewer will ask.

Facts are extracted; narrative is not reproduced. What TatvaRatings holds is structured fact from a published document: lender name, facility type, amount, tenor, rating symbol, outlook, action type, date, and the financial figures the agency itself printed. The agency’s rating rationale narrative is the agency’s own work. It is not reproduced verbatim at length on this site or in the product.

That line follows the distinction Indian copyright law draws. In Eastern Book Company v. D.B. Modak (2008) the Supreme Court rejected the “sweat of the brow” standard and required a minimum degree of creativity for copyright to subsist. It held that the bare text of judgments, as public records, is not protected, while the publisher’s own original editorial additions are. The same split applies here: extracted structured facts sit on one side; the agency’s authored analysis sits on the other, and stays there.

No claim of licence, partnership or endorsement. TatvaRatings has no commercial or contractual relationship with any credit rating agency. No agency has authorised, endorsed, reviewed or approved this product. Agency names appear only to attribute a rating to the agency that issued it, which is the accurate use of the name. No agency logos or marks are used.

No regulatory status. TatvaRatings is not a credit rating agency, not a credit information company, and not registered, licensed or recognised by SEBI or the RBI. Nothing here is a credit rating, a credit opinion, or credit information within the meaning of the Credit Information Companies (Regulation) Act, 2005.

Attribution travels with the data. Every record carries the source agency, the source document, and the publication date. A user can always get back to the original release, and is expected to, before acting on a specific name.

Regulatory background worth knowing

Two items provide context for why the lender-wise annexure exists and why its availability has a consent dependency.

The annexure serves a prudential purpose. A bank loan rating is used by the lending bank for capital computation, which is why the rating identifies which facility of which named lender it covers.

The RBI acted on the gap in October 2022. In its circular on risk weights for exposures to corporates and NBFCs, the RBI noted that lender-detail disclosures “are not available in a large number of PRs issued by ECAIs owing to the absence of requisite consent by the borrowers”, and directed that a bank loan rating without that disclosure “shall not be eligible for being reckoned for capital computation by banks”, with effect from 31 March 2023. (RBI/2022-23/125, 10 October 2022)

This is background, not a claim about what our coverage will do. Any change in annexure availability over time would be reported here as a measured series with dates, or not at all.

Sources for the explanatory pages

The CRILC explainer and CRILC eligibility pages describe an RBI system and the surrounding statutory framework. Those pages rest on:

• RBI’s Prudential Framework for Resolution of Stressed Assets, 7 June 2019 — the entity scope, the ₹5 crore aggregate-exposure threshold, monthly CRILC-Main filing, the weekly default report, and the SMA day bands.
• RBI’s circular of 16 January 2020 on CRILC reporting by UCBs — urban co-operative banks with total assets of ₹500 crore and above, reporting from the quarter ended 31 December 2019.
• RBI’s list of supervisory returns and Master Direction on Filing of Supervisory Returns, 2024 — the CRILC-Main return’s frequency and filing population, and CRILC’s origin in the Framework for Revitalising Distressed Assets in the Economy dated 30 January 2014.
• The Credit Information Companies (Regulation) Act, 2005 — in particular section 17(4), on disclosure of credit information to specified users. Act text (PDF).
• SEBI’s Master Circular for Credit Rating Agencies, as linked above.

Those pages are neutral explainers of other parties’ frameworks. They are not descriptions of TatvaRatings, and nothing on them should be read as a statement about our own status.

Related

• Coverage — what has been ingested, with an as-at date
• Methodology — what happens to a document after ingest
• Data limits — the specification of what is not covered