The rating scale for infrastructure debt funds is as follows:

IND AAAidf-mf: Highest Fundamental Credit Quality

The rating category denotes the highest strength of the credit protection factors embedded in a fund's investment policies. The sponsors/investment managers are vastly experienced and their expertise is judged to be of a very high degree. Vulnerability to losses is likely to be lowest and the prospects of the ultimate recovery in case of defaults in the fund portfolio are deemed to be highest.

IND AAidf-mf: Very High Fundamental Credit Quality

The rating category denotes very strong credit protection factors embedded in a fund's investment policies. The sponsors/investment managers are well experienced and their expertise is judged to be of a high degree. Vulnerability to losses is likely to be very low and the prospects of the ultimate recovery in case of defaults in the fund portfolio are deemed to be very high.

IND Aidf-mf: High Fundamental Credit Quality

The rating category denotes strong credit protection factors embedded in a fund's investment policies. The sponsors/investment managers are moderately experienced and their expertise is judged to be moderate. Vulnerability to losses is likely to be low and the prospects of the ultimate recovery in case of defaults in the fund portfolio are deemed to be high.

IND BBBidf-mf: Good Fundamental Credit Quality

The rating category denotes comfortable credit protection factors embedded in a fund's investment policies. The sponsors/investment managers have some experience and their expertise is judged to be average. Vulnerability to losses is likely to be moderately low and the prospects of the ultimate recovery in case of defaults in the fund portfolio are deemed to be moderate.

IND BBidf-mf: Speculative Fundamental Credit Quality

The rating category denotes moderate credit protection factors embedded in a fund's investment policies. The sponsors/investment managers have limited experience and their expertise is judged to be low. Vulnerability to losses is likely to be high and the prospects of the ultimate recovery in case of defaults in the fund portfolio are deemed to be weak.

IND Bidf-mf: Highly Speculative Fundamental Credit Quality

The rating category denotes weak credit protection factors embedded in a fund's investment policies. The sponsors/investment managers have extremely limited experience and their expertise is judged to be very low. Vulnerability to losses is likely to be very high and the prospects of the ultimate recovery in case of defaults in the fund portfolio are deemed to be very weak.

IND Cidf-mf: Exceptionally High Levels of Fundamental Credit Risk

The rating category denotes extremely weak credit protection factors embedded in a fund's investment policies. The sponsors/investment managers have no experience or expertise. Vulnerability to losses is likely to be extremely high and the prospects of the ultimate recovery in case of defaults in the fund portfolio are deemed to be extremely limited.

Note: The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Outlooks are not assigned although at any point in time, a scheme's position and prospects may have underlying trends, for example improving, deteriorating or stable.