Rating Fee Policy

The fee charged for a rating assignment is primarily based on the quantum of effort involved and the complexity level of each mandate. However, size and nature of business is also an important consideration in determination of the rating fees.

The agreement, between IIRA and the client, with regards to fee includes, but is not limited to the following:

• Rating fee for the initial rating is charged in two steps, with the first payment due at the signing of the agreement and the second to be paid upon conclusion of the assessment.

• Each agreement clearly stipulates that while the second instalment becomes payable after conclusion of the assessment, it is in no way contingent upon the rating outcome.

• Subsequent to the initial rating announcement, ratings will be subject to annual surveillance, requiring annual fee payment, as agreed in the rating mandate. Surveillance fee is due at the anniversary of the signed agreement and will be invoiced 30 days before the anniversary date. Fee due and unpaid beyond 1 month would be subject to a charge of 1% per month for period beginning from the date of invoice.

• The agreed out of pocket expenses on account of out of station travel etc. will be charged separately to the client at actual, unless specifically agree otherwise and reflected in the rating contract.

• IIRA fee structures are subject to revision. In case of fee structure revision, ongoing valid contracts, will not be affected, however, these will be subject to revision at next anniversary date of the contract.

• IIRA fees are exclusive of any duties and taxes levied on the rating service by the government, except withholding income tax where applicable.

• IIRA will refrain from any other fee bearing relationship with a ratee, and any relationship, if existent, will be disclosed on all rating publications pertaining to the ratee.

IIRA does not encourage the involvement of its rating staff in discussion of rating fees with the clients. The discussion and negotiation of rating fees with prospective or existing clients is undertaken by non-rating staff and their interaction with the rating staff for such purpose would be limited only to the estimation of quantum and work hours required for the completion of such assignment.