| Issuer/Client | 1. Signs agreement for an initial rating | 2. Submits preliminary information materials |
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| VIS | 3. Conducts a preliminary study | 4. Submits a detailed questionnaire to the issuer/client |
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| Issuer/Client | 5. Provides detailed information in response to detailed questionnaire |
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| VIS | 6. Conducts pre due diligence meeting analysis | 7. Conducts due diligence meetings |
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| 4 - 5 Weeks |
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| 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 |
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| Issuer/Client | 14. Consents to release of preliminary/initial rating to the public in case of non-mandatory ratings |
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| VIS | 15. Releases the preliminary/initial rating to the press |
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| 2 - 3 Weeks |
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