Markets regulator Sebi on Thursday proposed guidelines for credit rating agencies (CRAs) to include detailed reasons for rating actions, especially in cases of default and upgrades of default ratings. In its consultation paper, the regulator has recommended removing "technical default" from policies due to potential negative market signals and covenant triggers. CRAs have cited operational issues like force majeure events or bank strikes that should be considered in their policies. The proposed guidelines should consider situations like force majeure events, incorrect investor accounts, or government freezes, alongside significant changes to the company's credit risk profile. Under the curre
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