| Issuer/Client | 1. Signs agreement for an initial rating | 2. Submits preliminary information materials | ||||
|---|---|---|---|---|---|---|
| VIS | 3. Conducts a preliminary study | 4. Submits a detailed questionnaire to the issuer/client | ||||
| Issuer/Client | 5. Provides detailed information in response to detailed questionnaire | |||||
| VIS | 6. Conducts pre due diligence meeting analysis | 7. Conducts due diligence meetings | ||||
| 4 - 5 Weeks | ||||||
| VIS | 8. Conducts post due diligence analysis | 9. Brief for internal rating committee meetings is prepared | 10. Sub Committee recommends preliminary/initial rating | 11. Rating Committee decides the preliminary/initial rating | 12. Discusses the rating rationales and rating issues with client | 13. Notifies issuer of the preliminary/initial rating, deliberates on appeals by client, if any |
| Issuer/Client | 14. Consents to release of preliminary/initial rating to the public in case of non-mandatory ratings | |||||
| VIS | 15. Releases the preliminary/initial rating to the press | |||||
| 2 - 3 Weeks | ||||||