{"id":16828,"date":"2026-10-30T15:03:00","date_gmt":"2026-10-30T09:33:00","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16828"},"modified":"2026-10-30T15:03:52","modified_gmt":"2026-10-30T09:33:52","slug":"issuer-not-cooperating-inc","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/","title":{"rendered":"Issuer Not Cooperating (INC): What It Means for Bond Investors"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"Issuer_Not_Cooperating_INC_is_a_suffix_a_credit_rating_agency_attaches_to_a_bonds_rating_when_the_issuer_stops_sharing_the_information_needed_to_monitor_it_It_means_the_rating_rests_on_%E2%80%9Cbest_available_information%E2%80%9D_rather_than_fresh_verified_data\"><\/span><strong>Issuer Not Cooperating (INC) is a suffix a credit rating agency attaches to a bond\u2019s rating when the issuer stops sharing the information needed to monitor it. It means the rating rests on \u201cbest available information\u201d rather than fresh, verified data.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>Imagine you bought an NCD rated \u201cA\u201d for its attractive coupon. A few months later, the rating acquires a new suffix: INC. Nothing has been announced about a default, yet something has clearly changed. The tag means the issuer has stopped giving the rating agency the information it needs, so the rating no longer rests on fresh data. This article explains the INC rating meaning, how SEBI\u2019s rules trigger the tag, and what bond investors should do when they spot it.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#Issuer_Not_Cooperating_INC_is_a_suffix_a_credit_rating_agency_attaches_to_a_bonds_rating_when_the_issuer_stops_sharing_the_information_needed_to_monitor_it_It_means_the_rating_rests_on_%E2%80%9Cbest_available_information%E2%80%9D_rather_than_fresh_verified_data\" >Issuer Not Cooperating (INC) is a suffix a credit rating agency attaches to a bond\u2019s rating when the issuer stops sharing the information needed to monitor it. It means the rating rests on \u201cbest available information\u201d rather than fresh, verified data.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#What_Does_%E2%80%9CIssuer_Not_Cooperating%E2%80%9D_Mean_in_a_Credit_Rating\" >What Does \u201cIssuer Not Cooperating\u201d Mean in a Credit Rating?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#Why_Do_Issuers_Stop_Cooperating\" >Why Do Issuers Stop Cooperating?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#How_SEBIs_Rules_Trigger_the_INC_Tag\" >How SEBI\u2019s Rules Trigger the INC Tag<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#INC_Timeline_at_a_Glance\" >INC Timeline at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#What_the_INC_Tag_Means_for_Bond_Investors\" >What the INC Tag Means for Bond Investors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#What_Should_You_Do_If_Your_Bond_Gets_an_INC_Tag\" >What Should You Do If Your Bond Gets an INC Tag?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#How_to_Avoid_INC_Surprises_Before_You_Invest\" >How to Avoid INC Surprises Before You Invest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#Final_Word\" >Final Word<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#Issuer_Not_Cooperating_FAQ\" >Issuer Not Cooperating FAQ<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Does_%E2%80%9CIssuer_Not_Cooperating%E2%80%9D_Mean_in_a_Credit_Rating\"><\/span><strong>What Does \u201cIssuer Not Cooperating\u201d Mean in a Credit Rating?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A credit rating isn\u2019t a one-time stamp. Agencies such as CRISIL, ICRA, CARE, India Ratings, Acuit\u00e9, Infomerics, and Brickwork keep reviewing the security through its life. For that, they need regular inputs: financial results, repayment details, management access, and a monthly No Default Statement (NDS) confirming debt has been serviced on time.<\/p>\n\n\n\n<p>When an issuer stops providing these, or stops paying surveillance fees, the agency must continue reviewing the rating on the best information available. Under SEBI rules, the rating symbol then carries the suffix \u201cISSUER NOT COOPERATING,&#8221; explained as &#8220;issuer did not cooperate; based on best available information.&#8221;<\/p>\n\n\n\n<p>INC doesn\u2019t automatically mean default. It means the agency can\u2019t confirm that default hasn\u2019t happened. The two often overlap, though, and many INC ratings in agencies\u2019 recent notes already sit at the \u201cD\u201d level. Silence is rarely good news.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Do_Issuers_Stop_Cooperating\"><\/span><strong>Why Do Issuers Stop Cooperating?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The reasons vary. Companies under financial stress often go quiet, which is frequently an early warning. Some issuers dislike a downgrade and stop engaging. Others hope to move to a friendlier agency, though SEBI now requires a new CRA to disclose the issuer\u2019s earlier non-cooperation in its press release. SEBI itself has noted that most INC issuers are small, unlisted entities, which often lack the systems or willingness to share data regularly.<\/p>\n\n\n\n<p>Say a mid-sized NBFC\u2019s NCD is rated \u201cA\u201d and the company stops sending debt-servicing confirmations. The agency can\u2019t verify whether installments are being paid. After a point, it has to flag the rating, however good the company looked a year ago.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_SEBIs_Rules_Trigger_the_INC_Tag\"><\/span><strong>How SEBI\u2019s Rules Trigger the INC Tag<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI\u2019s Master Circular for CRAs (July 2025) sets out a clear clock. Agencies follow a uniform practice: three consecutive months of non-submission of the NDS, or an inability to validate timely debt servicing through other sources, is the basis for moving a rating to INC. The tag must be applied within 5 working days of that point. An agency can also act earlier at its own judgment.<\/p>\n\n\n\n<p>If the issuer\u2019s ratings stay non-cooperative for more than six months, the agency must downgrade them to non-investment grade with INC status. If the issuer remains non-cooperative with all CRAs for a continuous 12 months, no agency may assign it any new rating until it resumes cooperation or the rating is withdrawn.<\/p>\n\n\n\n<p>On transparency, each CRA must publish two lists of non-cooperative issuers, one for listed or proposed-to-be-listed securities and one for other ratings. Both are updated daily, a requirement in force since July 15, 2023. Press releases for INC ratings must also carry a caveat on limited information and a three-year rating history.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/guide\/hdfc-bonds-types-yield-rating\/\" aria-label=\"HDFC Bonds Explained: Types, Yields, Safety, and Ratings\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"HDFC Bank Bonds Explained\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/guide\/hdfc-bonds-types-yield-rating\/\">HDFC Bonds Explained: Types, Yields, Safety, and Ratings<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/indian-bond-yields-rise-as-markets-await-us-fed-rate-decision\/\" aria-label=\"Indian Bond Yields Rise as Markets Await US Fed Rate Decision\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Indian Bond Yield Rise\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/indian-bond-yields-rise-as-markets-await-us-fed-rate-decision\/\">Indian Bond Yields Rise as Markets Await US Fed Rate Decision<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/fixed-deposit\/fd-for-minors-in-india\/\" aria-label=\"FD for Minors in India: Account Rules, Taxation &amp; Required Documents\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"FD for Minors\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/fixed-deposit\/fd-for-minors-in-india\/\">FD for Minors in India: Account Rules, Taxation &amp; Required Documents<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"INC_Timeline_at_a_Glance\"><\/span><strong>INC Timeline at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Stage<\/strong><\/td><td><strong>Trigger<\/strong><\/td><td><strong>What Happens<\/strong><\/td><\/tr><tr><td>Early warning<\/td><td>Missing NDS or information<\/td><td>The agency follows up with the issuer<\/td><\/tr><tr><td>INC tag<\/td><td>3 consecutive months of NDS non-submission (earlier, at the agency&#8217;s discretion)<\/td><td>Rating tagged INC within 5 working days<\/td><\/tr><tr><td>Downgrade<\/td><td>Ratings INC for more than 6 months<\/td><td>Moved to non-investment grade with INC status<\/td><\/tr><tr><td>Rating freeze<\/td><td>Non-cooperative with all CRAs for 12 continuous months<\/td><td>No CRA may assign a new rating until cooperation resumes or the rating is withdrawn<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_the_INC_Tag_Means_for_Bond_Investors\"><\/span><strong>What the INC Tag Means for Bond Investors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>First, the rating is unreliable. An \u201cA\u201d with INC beside it isn\u2019t the same as a cooperative \u201cA\u201d, and agencies\u2019 own notes caution that it may not reflect the issuer\u2019s true credit risk.<\/p>\n\n\n\n<p>Second, liquidity tends to dry up. Institutional buyers typically avoid such paper, so exiting can be hard and costly. Lenders may also grow cautious, which can push up the issuer\u2019s funding costs and add to its stress.<\/p>\n\n\n\n<p>Consider a retail investor who bought a high-yield NCD for its attractive coupon. Months later the rating moves to INC and the secondary market has almost no bids. The coupon looked great, but the exit door has narrowed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Should_You_Do_If_Your_Bond_Gets_an_INC_Tag\"><\/span><strong>What Should You Do If Your Bond Gets an INC Tag?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You don\u2019t need to panic, but you do need to act. Here\u2019s a practical checklist:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Read the agency\u2019s latest press release and its explanation of the non-cooperation.<\/li>\n\n\n\n<li>Check the CRA\u2019s public INC list to see when the issuer was categorized as non-cooperative.<\/li>\n\n\n\n<li>Look at BSE\/NSE filings for payment disclosures, auditor changes, or board resignations.<\/li>\n\n\n\n<li>Confirm your last coupon or interest credit arrived on time.<\/li>\n\n\n\n<li>Check communication from the debenture trustee for any covenant or payment concerns.<\/li>\n\n\n\n<li>Compare the yield with similarly rated peers. An unusually high yield often means the market is pricing in trouble.<\/li>\n\n\n\n<li>Reassess your position size. If the bond is a large part of your portfolio, consider trimming.<\/li>\n\n\n\n<li>Avoid fresh buying unless you\u2019ve independently verified the issuer\u2019s finances.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Avoid_INC_Surprises_Before_You_Invest\"><\/span><strong>How to Avoid INC Surprises Before You Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Prevention beats cure. Before buying a corporate bond, check the issuer\u2019s rating history, whether more than one agency rates it, and how timely its disclosures are. Prefer issuers that stay responsive to agencies and exchanges. And remember that a high coupon is compensation for risk, not a gift.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Final_Word\"><\/span><strong>Final Word<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The INC tag is a transparency red flag, not a verdict. It tells you the credit story has gaps, and gaps are where losses tend to hide. SEBI\u2019s disclosure norms now give investors public, daily-updated signals, but only if they read them. Make it a habit to look beyond the rating letters and check the fine print beside them.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Issuer_Not_Cooperating_FAQ\"><\/span><strong>Issuer Not Cooperating FAQ<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1793351449824\"><strong class=\"schema-faq-question\">Q1. <strong>What does INC mean in a bond credit rating?<\/strong><\/strong> <p class=\"schema-faq-answer\">INC stands for Issuer Not Cooperating. A credit rating agency uses this tag when an issuer does not provide the information required for a normal rating review or otherwise fails to cooperate with the agency\u2019s surveillance process.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793351460013\"><strong class=\"schema-faq-question\">Q2. <strong>Does an INC tag mean the bond issuer has defaulted?<\/strong><\/strong> <p class=\"schema-faq-answer\">No. INC does not automatically mean the issuer has defaulted on interest or principal payments. It signals a problem with the rating agency\u2019s ability to obtain information and assess the issuer\u2019s current creditworthiness.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793351473418\"><strong class=\"schema-faq-question\">Q3. <strong>Why might a bond issuer be classified as INC?<\/strong><\/strong> <p class=\"schema-faq-answer\">An issuer may be classified as INC for failing to provide financial statements, respond to information requests, submit required no-default statements or pay surveillance fees. The specific reason should be stated in the rating agency\u2019s release.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793351484879\"><strong class=\"schema-faq-question\">Q4. <strong>Is an INC-tagged bond automatically unsafe?<\/strong><\/strong> <p class=\"schema-faq-answer\">The tag does not prove that the bond is about to default, but it increases uncertainty about the issuer\u2019s financial position. Without current information, investors may be unable to assess repayment capacity reliably.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793351497892\"><strong class=\"schema-faq-question\">Q5. <strong>Can a bond retain its existing rating after receiving an INC tag?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes. A rating may continue to display its existing grade with the INC suffix because the agency is assessing the instrument using the best available information. The displayed grade should not be interpreted as a fully updated assessment based on complete issuer cooperation.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793351508615\"><strong class=\"schema-faq-question\">Q6. <strong>What happens if an issuer remains INC for more than six months?<\/strong><\/strong> <p class=\"schema-faq-answer\">SEBI\u2019s framework requires credit rating agencies to take specified action when non-cooperation persists. In particular, an investment-grade rating that remains in the INC category for more than six months must be downgraded to non-investment grade while retaining the INC status.<\/p> <\/div> <\/div>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: Issuer Not Cooperating (INC) is a suffix a credit rating agency attaches to a bond\u2019s rating when the issuer&hellip;<\/p>\n","protected":false},"author":17,"featured_media":16829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[],"class_list":["post-16828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Issuer Not Cooperating (INC): What It Means for Bond Investors<\/title>\n<meta name=\"description\" content=\"Learn what the Issuer Not Cooperating (INC) tag means in bond credit ratings, why rating agencies assign it, how it affects credit risk assessments and what investors should check before investing in such bonds.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Having cleared CFA Level 3, Deepak specializes in identifying risk profiles and investment potential of diverse sectors, ranging from large-scale manufacturing and traditional financial institutions to the high-growth world of new-age startups.","sameAs":["https:\/\/www.linkedin.com\/in\/deepak-narang-a119a08a\/"],"url":"https:\/\/goldenpi.com\/blog\/author\/deepak-narang\/"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351449824","position":1,"url":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351449824","name":"Q1. What does INC mean in a bond credit rating?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"INC stands for Issuer Not Cooperating. A credit rating agency uses this tag when an issuer does not provide the information required for a normal rating review or otherwise fails to cooperate with the agency\u2019s surveillance process.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351460013","position":2,"url":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351460013","name":"Q2. Does an INC tag mean the bond issuer has defaulted?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"No. INC does not automatically mean the issuer has defaulted on interest or principal payments. It signals a problem with the rating agency\u2019s ability to obtain information and assess the issuer\u2019s current creditworthiness.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351473418","position":3,"url":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351473418","name":"Q3. Why might a bond issuer be classified as INC?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"An issuer may be classified as INC for failing to provide financial statements, respond to information requests, submit required no-default statements or pay surveillance fees. The specific reason should be stated in the rating agency\u2019s release.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351484879","position":4,"url":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351484879","name":"Q4. Is an INC-tagged bond automatically unsafe?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The tag does not prove that the bond is about to default, but it increases uncertainty about the issuer\u2019s financial position. Without current information, investors may be unable to assess repayment capacity reliably.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351497892","position":5,"url":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351497892","name":"Q5. Can a bond retain its existing rating after receiving an INC tag?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes. A rating may continue to display its existing grade with the INC suffix because the agency is assessing the instrument using the best available information. The displayed grade should not be interpreted as a fully updated assessment based on complete issuer cooperation.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351508615","position":6,"url":"https:\/\/goldenpi.com\/blog\/guide\/issuer-not-cooperating-inc\/#faq-question-1793351508615","name":"Q6. What happens if an issuer remains INC for more than six months?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"SEBI\u2019s framework requires credit rating agencies to take specified action when non-cooperation persists. In particular, an investment-grade rating that remains in the INC category for more than six months must be downgraded to non-investment grade while retaining the INC status.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/16828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/comments?post=16828"}],"version-history":[{"count":1,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/16828\/revisions"}],"predecessor-version":[{"id":16830,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/16828\/revisions\/16830"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/media\/16829"}],"wp:attachment":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/media?parent=16828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/categories?post=16828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/tags?post=16828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}