ICICI Lombard General Insurance Company financials: balance sheet, profit and loss, cash flow
NSE: ICICIGIBSE: 540716InsuranceMid Cap
ICICI Lombard General Insurance Company Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Sep 2017 · Issue price ₹661
Last close ₹1,580.80up ₹7.90 (0.50%)BSE ₹1,572.00
Share price at the NSE close on 30 Oct 2026. Previous close ₹1,572.90.
30 Oct: open ₹1,572.00, high ₹1,580.80, low ₹1,553.30
52-week range of traded prices to 30 Oct 2026
₹1,423.10Low, 15 Sep 2026₹2,064.90High, 13 Nov 2025
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹78,979 Cr122nd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 30.91
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 4.40
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.89%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 15.2%
- SolvencySolvency ratio. The capital the insurer holds ÷ the capital the regulator requires it to hold, as the insurer states it; insurers write it in different ways, so it is read as the one multiple between 1 and 5 it can be, and not given outside that. At the end of Sep 2026. Solvency ratio in the glossary
- 2.75times the capital required
- Gross premiumGross premium. Premium on the policies sold and renewed in the period, before the part passed on to reinsurers: a general insurer's gross premiums written, a life insurer's gross premium income. For the year to Mar 2026. Gross premium in the glossary
- ₹30,618 Cr
- Combined ratioCombined ratio. Claims plus expenses as a percentage of premium, as the general insurer states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told. For the year to Mar 2026.
- 103.36%
- Claims ratioClaims ratio. Claims incurred as a percentage of premium earned, as the general insurer states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, or where the filing's own amounts show it written on another scale or rounded to the whole per cent. For the year to Mar 2026.
- 71.10%
- Expense ratioExpense ratio. The costs of running the insurance business, commission included, as a percentage of premium, as the insurer states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, or where the filing's own amounts show it written on another scale or rounded to the whole per cent. For the year to Mar 2026. Expense ratio in the glossary
- 31.73%
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 2,83,77357.6% delivered
ICICI Lombard General Insurance Company's financial statements for the 9 years to Mar 2026, as a lender reports them, standalone: the listed company alone, without its subsidiaries, with the half year to Sep 2026 after them.
9 years at a glance
Standalone, laid out as a general insurer files them. No figures on this form for the year to Mar 2017.ICICI Lombard General Insurance Company annual reports
Gross premium, ₹ crore
Net profit, ₹ crore
Combined ratio, Claims ratio, per cent
- Combined ratioCombined ratio. Claims plus expenses as a percentage of premium, as the general insurer states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told. Combined ratio in the glossary
- Claims ratioClaims ratio. Claims as a percentage of premiums earned, as the insurer files it, or worked out from its filed amounts where the filed percentage cannot be read on its filing's scale. Claims ratio in the glossary
ICICI Lombard General Insurance Company business segments, year to Mar 2026
A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them. A segment at a loss has no share of profit.ICICI Lombard General Insurance Company segment results by quarter
Revenue by segment
₹22,264 CrTotal
- Motor₹11,025 Cr49.5% of total
- Health: group₹6,303 Cr28.3% of total
- Health: retail₹2,100 Cr9.4% of total
- Group and corporate, other than health₹1,082 Cr4.9% of total
- Fire₹690 Cr3.1% of total
- Marine₹624 Cr2.8% of total
- Crop₹293 Cr1.3% of total
- Retail, other than health₹137 Cr0.6% of total
- Health: government schemes₹9 Cr0.0% of total
Profit by segment
- Motor₹1,614 Cr59.7% of total
- Health: group₹85 Cr3.2% of total
- Group and corporate, other than health₹288 Cr10.6% of total
- Fire₹631 Cr23.3% of total
- Crop₹27 Cr1.0% of total
- Retail, other than health₹52 Cr1.9% of total
- Health: government schemes₹6 Cr0.2% of total
Segment results by year
Standalone, ₹ crore, years to March.
Motor
Revenue, ₹ croreProfit, ₹ croreHealth: group
Revenue, ₹ croreProfit, ₹ croreHealth: retail
Revenue, ₹ croreProfit, ₹ croreGroup and corporate, other than health
Revenue, ₹ croreProfit, ₹ croreFire
Revenue, ₹ croreProfit, ₹ croreMarine
Revenue, ₹ croreProfit, ₹ croreCrop
Revenue, ₹ croreProfit, ₹ croreRetail, other than health
Revenue, ₹ croreProfit, ₹ croreHealth: government schemes
Revenue, ₹ croreProfit, ₹ crore
| ₹ crore | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue of all businesses | 8,375 | 9,404 | 10,014 | 13,032 | 14,823 | – | 19,800 | 22,264 |
| Company revenue, as in its resultsCompany revenue. The company's revenue from operations for the period in its results, on the same accounts as its segments. It is below the businesses' sum where they sell to one another, or where the segments include a business the results report as discontinued. | 9,752 | 11,053 | 12,161 | 16,130 | 18,095 | – | 22,937 | 25,895 |
| Revenue | 5,036 | 6,120 | 6,172 | 7,853 | 8,393 | – | 10,050 | 11,025 |
| Revenue growthSegment revenue growth, year on year. The change in the segment's revenue from the same period a year before, as a percentage of that earlier revenue: a year against the year before, a quarter against the same quarter. Segment revenue growth, year on year in the glossary | – | 21.5% | 0.9% | – | 6.9% | – | – | 9.7% |
| ProfitSegment profit. What the business earned before tax and finance costs, as the company measures each of its businesses. Segment profit in the glossary | 700 | 662 | 1,301 | 1,545 | 1,419 | – | 1,468 | 1,614 |
| Profit growthSegment profit growth, year on year. The change in the segment's profit from the same period a year before, as a percentage of that earlier profit, left empty where either is a loss, since growth from or into a loss is not a percentage. Segment profit growth, year on year in the glossary | – | −5.4% | 96.5% | – | −8.2% | – | – | 10.0% |
| MarginSegment margin. Segment profit as a percentage of the segment's revenue. Segment margin in the glossary | 13.9% | 10.8% | 21.1% | 19.7% | 16.9% | – | 14.6% | 14.6% |
| Revenue | 1,296 | 1,564 | 1,831 | 2,513 | 3,382 | – | 5,624 | 6,303 |
| Revenue | 667 | 697 | 730 | 838 | 940 | – | 1,387 | 2,100 |
| Revenue | 338 | 430 | 475 | 596 | 710 | – | 966 | 1,082 |
| Revenue | 158 | 274 | 481 | 674 | 652 | – | 651 | 690 |
| Revenue | 237 | 256 | 260 | 377 | 439 | – | 607 | 624 |
| Revenue | 568 | 2 | 7 | 118 | 240 | – | 425 | 293 |
| Revenue | 64 | 60 | 56 | 59 | 65 | – | 86 | 137 |
| Revenue | 11 | 2 | 1 | 4 | 2 | – | 4 | 9 |
Profit is before tax and finance costs, the way companies report their segments.
Income
₹ crore, years to March.
| ₹ crore | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Total incomeTotal income. Everything earned in the period, the total the statement states: for a bank, its interest earned and other income, with any other income line its statement totals; for a finance company, revenue from operations + other income; for a general insurer, premium earned + income from the policyholders' investments + other income; for a life insurer, premiums + the income and gains on the policyholders' investments. Total income in the glossary | 8,066 | 9,752 | 11,053 | 12,161 | 16,130 | 18,095 | 19,752 | 22,937 | 25,895 |
| The lines under it are parts of it, not all of it. | 2,112 | 1,990 | 2,293 | 2,734 | 3,920 | 4,515 | 2,818 | 2,845 | 3,059 |
| Employee costsEmployee costs. Salaries, wages and other staff benefits for the period; for a bank, given only where staff costs and other operating expenses add to the operating expenses stated. Employee costs in the glossary | 494 | 572 | 680 | 734 | 950 | 1,088 | 1,256 | 1,516 | 1,728 |
| Profit before tax | 1,196 | 1,598 | 1,697 | 1,954 | 1,684 | 2,113 | 2,555 | 3,321 | 3,659 |
| Tax | 334 | 549 | 503 | 481 | 413 | 383 | 637 | 813 | 887 |
| Net profit | 862 | 1,049 | 1,194 | 1,473 | 1,271 | 1,729 | 1,919 | 2,508 | 2,772 |
| Earnings per shareEarnings per share. The earnings per share stated for the period ÷ the split factor, so a figure from before a split sits on the same share as today's; a figure the company filed after a split or bonus is already on the new share count and is divided by the splits after its filing day only. Earnings per share in the glossary | ₹18.99 | ₹23.11 | ₹26.27 | ₹32.41 | ₹25.91 | ₹35.21 | ₹39.03 | ₹50.74 | ₹55.74 |
Balance sheet
₹ crore, at 31 March. Total assets is left blank for the years to Mar 2018 and Mar 2024: this filing states its assets only net of its current liabilities and provisions, and not those liabilities, so its total assets are not given.
| ₹ crore | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Total assetsTotal assets. Everything the company owns, at the period end; for an insurer, whose balance sheet shows its assets net of what it owes in the short term, that net figure + its current liabilities and provisions − any debit balance in its profit and loss account and expenditure not yet written off, and not given where only the net figure is stated. Total assets in the glossary | – | 33,403 | 37,042 | 39,298 | 50,848 | 55,086 | – | 69,020 | 76,111 |
| 18,193 | 22,231 | 26,327 | 30,892 | 38,786 | 43,180 | 48,907 | 53,508 | 58,421 | |
| Of policyholdersInvestments of policyholders. Investments made with the money held for policyholders, at the period end; given only where the investments of each fund add to the total investments stated. Investments of policyholders in the glossary | 13,464 | 16,888 | 20,467 | 23,457 | 29,868 | 33,322 | 37,320 | 39,782 | 43,493 |
| Of shareholdersInvestments of shareholders. Investments made with the shareholders' own money, at the period end; given only where the investments of each fund add to the total investments stated. Investments of shareholders in the glossary | 4,728 | 5,343 | 5,860 | 7,436 | 8,918 | 9,858 | 11,587 | 13,726 | 14,929 |
| Fixed assetsFixed assets. Buildings, equipment and other assets the company uses, at cost less depreciation, at the period end; for a bank, given only where cash, balances with banks, loans, investments, fixed assets and other assets add to the total assets stated. Fixed assets in the glossary | – | 465 | 677 | 627 | 577 | 564 | – | 802 | 839 |
| BorrowingsBorrowings. Money borrowed, at the period end, deposits left out: for a bank and an insurer, its borrowings as stated; for a finance company, bonds and debentures + loans taken + subordinated debt. Borrowings in the glossary | – | 485 | 485 | 485 | 255 | 35 | – | 0 | 0 |
| Current liabilities and provisionsCurrent liabilities and provisions. What the insurer owes in the short term, claims outstanding and premiums received in advance among it, at the period end; a 0 is not given, since the statement writes 0 for a figure it leaves out too. Current liabilities and provisions in the glossary | – | 27,259 | 30,851 | 30,697 | 41,124 | 44,445 | – | 54,036 | 60,039 |
| Net worth. Net worth at the period end, the whole group's on group accounts: for a bank, share capital + reserves and surplus; for a finance company, total equity as stated; for a general insurer, share capital + reserves; for a life insurer, shareholders' funds as stated, or share capital + reserves + the fair value change account where they are not. An insurer's is less any debit balance in its profit and loss account and expenditure not yet written off. Not given where the balance sheet states the share capital, the reserves or the net worth as 0. Net worth in the glossary | 4,541 | 5,320 | 6,134 | 7,435 | 9,110 | 10,392 | 11,960 | 14,303 | 16,846 |
| Contingent liabilitiesContingent liabilities. What may become owed, such as guarantees given and claims disputed, and is not on the balance sheet, at the period end; a 0 is not given, since the statement writes 0 for a figure it leaves out too. Contingent liabilities in the glossary | – | 431 | 462 | 835 | 879 | 485 | – | 5,160 | 4,866 |
Capital
Solvency is the capital the insurer holds, in times the capital the regulator requires; the government's holding is a per cent of its shares; bad investments are in ₹ crore.
| Figure | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Solvency, times the required capitalSolvency ratio. The capital the insurer holds ÷ the capital the regulator requires it to hold, as the insurer states it; insurers write it in different ways, so it is read as the one multiple between 1 and 5 it can be, and not given outside that. | 2.05 | 2.24 | 2.17 | 2.90 | 2.46 | 2.51 | 2.62 | 2.69 | 2.67 |
| Held by the governmentGovernment holding. The share of the company the government holds, as the company states it, in per cent on the one scale its filing writes all its ratios in; not given where that scale cannot be told, where the figure is outside what it can be, or where it is 0 and the shareholding pattern for the same date does not confirm the government holds none. Government holding in the glossaryFiled to the whole per cent for Mar 2019, Mar 2021, Mar 2022 and Mar 2023. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Ratios
Per cent. The claims, expense and combined ratios are shares of premiums.
| Per cent | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Combined ratioFiled to the whole per cent for Mar 2019, Mar 2021, Mar 2022 and Mar 2023. | 100.00% | 98.00% | 100.40% | 100.00% | 109.00% | 104.00% | 103.30% | 102.80% | 103.36% |
| Claims ratioFiled to the whole per cent for Mar 2022. | 76.90% | 75.32% | 72.90% | 68.61% | 75.00% | 72.36% | 70.80% | 70.60% | 71.10% |
| Expense ratioExpense ratio. The costs of running the insurance business as a percentage of premiums, as the insurer files it, or worked out from its filed amounts where the filed percentage cannot be read on its filing's scale.Filed to the whole per cent for Mar 2019, Mar 2021, Mar 2022 and Mar 2023. | 22.90% | 21.00% | 26.60% | 29.00% | 30.00% | 30.00% | 29.80% | 30.80% | 31.73% |
| Premium keptPremium kept. The share of premiums the insurer keeps rather than passes on to reinsurers, as the insurer files it, or worked out from its filed amounts where the filed percentage cannot be read on its filing's scale. Premium kept in the glossary | 62.30% | 64.50% | 70.90% | 74.61% | 72.67% | 71.37% | 71.00% | 73.50% | 76.34% |
Cash flow
Standalone, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.
| ₹ crore | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025Filed 15 Apr | Mar 2026Filed 15 Apr | Sep 2026Half year |
|---|---|---|---|---|---|---|---|
| Cash from operationsCash from operations. Cash the business brought in from its operations in the period, after paying suppliers, staff and tax. Cash from operations in the glossary | 1,774 | 809 | 2,290 | – | 1,147 | 2,622 | −384 |
| Capital spendingCapital spending. Cash spent in the period on plant, equipment, buildings and other long-lived assets. Capital spending in the glossary | 79 | 76 | 121 | – | 231 | 243 | 117 |
| Free cash flowFree cash flow. Cash from operations less capital spending: what is left to repay borrowings, pay dividends or keep. Free cash flow in the glossary | 1,695 | 733 | 2,169 | – | 916 | 2,379 | −500 |
| Cash from investingCash from investing. Cash spent on, below nought, or received from plant, investments, businesses bought or sold, and interest and dividends received. Cash from investing in the glossary | −1,367 | 112 | −1,685 | – | −1,137 | −1,733 | 29 |
| Cash from financingCash from financing. Cash raised from, or paid to, lenders and shareholders: borrowings taken and repaid, interest, lease payments, dividends and shares issued or bought back. Cash from financing in the glossary | −212 | −879 | −695 | – | −257 | −336 | −213 |
| Dividends paidDividends paid. Cash paid to shareholders as dividends during the period. Dividends paid in the glossary | 0 | 372 | – | – | – | – | – |
| Shares bought backShares bought back. Cash spent buying the company's own shares back from shareholders. Shares bought back in the glossary | 0 | 0 | 0 | – | 0 | 0 | 0 |
| Shares issuedShares issued. Cash raised by selling new shares. Shares issued in the glossary | 10 | 41 | 21 | – | 350 | 335 | 136 |
| Net change in cashNet change in cash. Cash from operations, investing and financing added together: how much cash and cash equivalents rose or fell over the year, before currency effects. Net change in cash in the glossary | 195 | 42 | −90 | – | −247 | 554 | −568 |
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2018, Mar 2019, Mar 2020 and Mar 2024. Dividends paid is left blank for the years to Mar 2023, Mar 2025 and Mar 2026: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given. Dividends paid is left blank for the six months to Sep 2026: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.
Growth and returns over 3, 5 and 10 years
Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.
| Measure | 10 years | 5 years | 3 years |
|---|---|---|---|
| Revenue growth, yearly rateRevenue growth, yearly rate. 3 years: Revenue in the latest year ÷ revenue in the year three years before, to the power of one third, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 5 years: Revenue in the latest year ÷ revenue in the year five years before, to the power of one fifth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 10 years: Revenue in the latest year ÷ revenue in the year ten years before, to the power of one tenth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. | – | – | 12.7% |
| Profit growth, yearly rateProfit growth, yearly rate. 3 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year three years before, to the power of one third, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 5 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year five years before, to the power of one fifth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 10 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year ten years before, to the power of one tenth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. | – | – | 17.0% |
| Return on equity, averageReturn on equity, average. 3 years: The plain average of the yearly return on equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 17.1% | 17.7% |
| Net margin, averageNet margin, average. 3 years: The plain average of the yearly net profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly net profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly net profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 10.3% | 9.8% | 10.5% |
| Asset turnover, averageAsset turnover, average. 3 years: The plain average of the yearly asset turnover over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly asset turnover over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly asset turnover over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | 0.35 | 0.34 |
Where the cash came from and went
Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.
| ₹ crore | Latest year |
|---|---|
| Cash from operationsCash from operations. Latest year: Cash from operating activities in the latest year. 3 years: Cash from operating activities added over the last three years, needing every one of them. 5 years: Cash from operating activities added over the last five years, needing every one of them. | 2,622 |
| Cash from investingCash from investing. Latest year: Cash from investing activities in the latest year. 3 years: Cash from investing activities added over the last three years, needing every one of them. 5 years: Cash from investing activities added over the last five years, needing every one of them. | −1,733 |
| Cash from financingCash from financing. Latest year: Cash from financing activities in the latest year. 3 years: Cash from financing activities added over the last three years, needing every one of them. 5 years: Cash from financing activities added over the last five years, needing every one of them. | −336 |
| Capital spendingCapital spending. Latest year: Spending on property, plant and equipment in the latest year. 3 years: Spending on property, plant and equipment added over the last three years, needing every one of them. 5 years: Spending on property, plant and equipment added over the last five years, needing every one of them. | 243 |
| Shares bought backShares bought back. Latest year: Shares bought back in the latest year. 3 years: Shares bought back added over the last three years, needing every one of them. 5 years: Shares bought back added over the last five years, needing every one of them. | 0 |
| Shares issued for cashShares issued for cash. Latest year: Shares issued for cash in the latest year. 3 years: Shares issued for cash added over the last three years, needing every one of them. 5 years: Shares issued for cash added over the last five years, needing every one of them. | 335 |
Credit ratings
An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.
| Date | Agency | Borrowing rated | Rating | Outlook | Amount, ₹ Cr |
|---|---|---|---|---|---|
| 12 Jun 2026 | ICRA Limited | Issuer Rating | [ICRA]AAAReview, Re-affirm | Stable |
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.