Can credit rating agencies be liable for defaults? SAT to give its verdict SECTIONS Share Synopsis Passing an interim order in the matter SAT opined “questions” arise in the matter whether a rating agency can be held liable for a credit default even if all the internal procedures were followed and there is no ‘mala fide’ intention on the part of CRA. Agencies Related NSE Explore Now The Securities Appellate Tribunal (SAT), which hears appeals of securities markets, will render its verdict on liability of credit rating agencies (CRAs) in case of a debt market default. In September, Sebi had imposed a fine of Rs one crore on Brickworks, a CRA for not taking timely action in several instances. In its order, Sebi Said Brickworks had not conducted proper due diligence. Brickworks has now moved SAT seeking relief on this order.