SEBI has strengthened the role played by Credit Rating Agencies (CRAs) in determining the credibility of a debenture issuer by standardizing & amending the policies on provisional rating assigned to debenture issuances. The key highlights of the circular dealing with provisional ratings were: >> Rating symbol to be prefixed by the word ‘Provisional’. >> Standardization of terms on basis of which a provisional rating can be finalized. >> Validity period of provisional ratings pegged at 180 days from issuance. >> Additional disclosures to be made in press release / rationales. >> Disclosures for unaccepted provisional rating.