Orange Retail Finance India Private Limited 12.5% 2028 Bond

What the rating means

BB+most conservative current agency grade

Each rung groups an agency grade's +/- notches: “AA”, for example, covers AA+, AA and AA-. AAA, C and D are single grades.

BB and below are non-investment-grade ('high yield'). A BB rating signals moderate risk of default: the issuer's capacity to repay is uncertain and depends on a favourable environment. Ratings are agency opinions that can change over time, and a rating is not a guarantee of repayment.

Disclosed rating string: CRISIL BB+/Stable (ISSUER NOT COOPERATING*)

This describes the bond's credit rating only. Interest-rate, liquidity and reinvestment risks are covered in “Before you act”.