"Ratings: Rating agencies use simple alphanumeric symbols to convey credit ratings. For example, rating agencies assign credit ratings to debt obligations on three basic scales: the long‐term scale, the short‐ term scale, and the fixed deposit scale. AAA is the highest Credit rating by indicating highest safety. Higher rating indicates timely servicing of debt obligations by the issuer and lower amount of credit risk.

Secured or Unsecured NCDs: Secured NCDs are secured against an assets, unlike unsecured NCDs. If the bonds are secured, in the event of winding up of the company, it would sell off the assets against which the bonds were secured and repay the investor.