RATING POLICIES

CariCRIS Code of Conduct CariCRIS has updated its code of conduct and amended it to align its policies and procedures with the amendments in the Code of Conduct Fundamentals For Credit Rating Agencies published by the International Organization of Securities Commissions (“IOSCO”).

This policy seeks to ensure that Analysts express their opinions without any actual or perceived influence that may arise from commercial relationships between CariCRIS and 3rd parties as well as improper influence from other employees of the company.

This policy seeks to formalize CariCRIS’ practice for the dissemination of Credit Rating opinions and other assessments or evaluations.

This Policy outlines the guidelines for the management, maintenance, and disposition of all analytical documents including, policies, methodologies and criteria, used in the credit rating process.

This policy seeks to provide a detailed frame of reference for the withdrawal/suspension of outstanding credit ratings, bearing in mind CariCRIS’ fiduciary responsibility to keep investors informed of the credit quality of all rated issuers and issues at all times.

These procedures seek to ensure that whenever applicable all credit ratings are withdrawn in a consistent and timely manner.

This policy seeks to ensure that all complaints are handled fairly, consistently, and resolved in an effective and professional manner to the satisfaction of the complainant and the organization.

CariCRIS recognizes its legal and ethical responsibilities to safeguard all confidential information received from clients, including rated entities, obligors, originators, underwriters, or arrangers of a rated obligation.

CariCRIS recognizes its legal and ethical responsibilities to safeguard all confidential information received from issuers and other parties.

When, in the course of its business operations, actual or potential conflicts of interest are identified, CariCRIS will, as far as possible, implement internal policies, procedures, and mechanisms to minimize situations that may compromise or appear to compromise the credibility or reliability of its credit ratings..

This policy imposes basic trading restrictions on all employees of CariCRIS and its related companies who possess unpublished price-sensitive information.

Once a rating is 'accepted' by the issuer and is in public domain, CariCRIS keeps the rating under constant surveillance and will publish periodic updates on rating rationales as often as necessary, and in normal course, at least once a year.

All CariCRIS’ ratings in the public domain are valid and reflect our current opinion at all points in time.

CariCRIS is committed to collaborating with regulators on an ongoing basis.

CariCRIS ratings are based on the information provided by the issuer or obtained by CariCRIS from sources it considers reliable. As such, reasonable due diligence is carried out on all information used to the extent feasible to ensure that the ratings assigned are a meaningful representation of risk.

This policy imposes restrictions that are designed to ensure that interactions between members of CariCRIS’ Ratings Team with clients, their agents and investors are conducted in a manner to prevent potential conflicts of interest.

CariCRIS has adopted this Policy to set forth a framework designed to consider the veracity and credit implications of allegations and tips regarding its rated entities. These allegations would typically relate to some non-public, negative piece of information regarding the conduct or business practices of the rated entity.

CariCRIS has developed this Policy to ensure that while communicating information about the analytical process to market participants, CariCRIS’ employees and Rating Committee members do not provide advice to issuers and others in the debt-raising process about how to achieve a desired credit rating.

This Policy is intended to safeguard the integrity of CariCRIS’ rating and business operations as well as support compliance with CariCRIS” Code of Conduct.

This Policy was developed to provide greater transparency to market participants with respect to Credit Ratings that are initiated by CariCRIS.

CariCRIS has chosen to not disclose or publish information on the historical rates of its credit rating categories at this time given the relatively small number of ratings outstanding over a limited period.