NPA security receipt ratings (NR) are issued on a scale of 'NR1' (highest) to 'NR6' (lowest) to denote the present value of expected collections from the collateral underlying a security receipt (SR) as a percentage of the face value of the SR.

The ratings reflect assumptions about relative recovery expectations on underlying collateral based on information made available to Ind-Ra.

NR1

Instruments with this rating are considered to have a very high present value of the expected collections from the underlying collateral, estimated at over 150% of the SR face value.

NR2

Instruments with this rating are considered to have a high present value of the expected collections from the underlying collateral, estimated at 100%-150% of the SR face value.

NR3

Instruments with this rating are considered to have a good present value of the expected collections from the underlying collateral, estimated at 75%-100% of the SR face value.

NR4

Instruments with this rating are considered to have a medium present value of the expected collections from the underlying collateral, estimated at 50%-75% of the SR face value.

NR5

Instruments with this rating are considered to have a poor present value of the expected collections from the underlying collateral, estimated at 25%-50% of the SR face value.

NR6

Instruments with this rating are considered to have a lowest present value of the expected collections from the underlying collateral, estimated at below 25% of the SR face value.