(SO) The letters ‘SO’ in parenthesis suffixed to a rating symbol stand for “Structured Obligation”. The (SO) suffix is used to denote ratings assigned to securitization transactions and capital protection-oriented mutual fund schemes. The (SO) suffix which was earlier used alongside the rating symbol for the debt instruments backed by a guarantee (or any other such form of support) with a well-defined payment mechanism has been replaced with the (CE) suffix w.e.f September 1, 2019.
(hyb) The letters ‘hyb’ in parenthesis suffixed to a rating symbol stand for “hybrid”, indicating that the rated instrument is a hybrid subordinated instrument with equity-like loss-absorption features; such features may translate into higher levels of rating transition and loss severity vis-a-vis conventional debt instruments
(CE) The letters ‘CE’ in parenthesis suffixed to a rating symbol stand for “Credit Enhancement”. The (CE) suffix mentioned alongside the rating symbol indicates that the rated instrument/facility is supported by some form of explicit credit enhancement. A CE rating is specific to the rated instrument/facility, its terms and its structure and does not represent ICRA Lanka’s opinion on the general credit quality of the entity concerned.