UNIT IV: DEBT MARKETS
Introduction
The Debt Market is a financial market where long-term debt instruments are traded.
Evolution of the Debt Market in India
The Indian debt market has undergone a significant transformation from being an underdeveloped, government-dominated market to a more dynamic and mature one. Its evolution can be understood through the following key phases and developments:
Pre-1990s: The market was largely informal and illiquid. It was dominated by a handful of institutional investors, and government securities formed the bulk of the trading. Transactions were often opaque and lacked an organized structure.
Reforms in the 1990s: Following the economic liberalization of 1991, major reforms were initiated to develop the debt market.
Key measures included: Introduction of Primary Dealers (PDs): The RBI introduced PDs to act as market makers for government securities.
Their role was to underwrite primary auctions and provide two-way quotes in the secondary market, thereby ensuring a continuous supply of securities and improving liquidity. Establishment of the Clearing Corporation of India Ltd. (CCIL): Formed in 2001, CCIL provides a centralized clearing and settlement system for government securities, money market instruments, and foreign exchange.
This significantly reduced counterparty risk and brought efficiency and security to the market. Automation of Trading: The transition from manual to automated, screen-based trading platforms like the Negotiated Dealing System (NDS) increased transparency, speed, and efficiency in trading.
Growth and Modernization (2000s onwards): The market continued to mature with the introduction of new instruments and participants.
Introduction of Corporate Bond Market: The market for corporate bonds and debentures gained traction as companies looked for alternative ways to raise funds beyond bank loans.
Participation of Foreign Investors: Foreign Institutional Investors (FIIs) were allowed to invest in Indian debt markets, which injected a new source of capital and further integrated the market with global financial systems.
Recent Developments: The market continues to evolve with a focus on risk management and greater accessibility for retail investors. The introduction of platforms like the Retail Direct scheme by the RBI is a recent effort to allow individual investors direct access to the government securities market.
These changes aim to deepen the market and make it a reliable source of long-term finance for both the government and the private sector.
Key Features of the Debt Market
Fixed Income: Debt instruments, also known as fixed-income securities, provide investors with a predictable stream of income through regular interest payments (or coupons). This makes them attractive to investors seeking stable returns.
Lower Risk: Compared to the equity market, the debt market is generally considered less risky. This is because bondholders have a legal claim on the issuer's assets and earnings and are paid back before equity holders in case of bankruptcy or liquidation.
Maturity Period: Debt instruments have a specified maturity date on which the principal amount is repaid to the investor. This can range from one year to several decades, allowing investors to match their investment horizon to their financial goals.
Interest Rate Sensitivity: The prices of debt instruments are highly sensitive to changes in market interest rates. When interest rates rise, the value of existing bonds with lower fixed rates falls, and vice versa.
Liquidity: The debt market, especially the secondary market, provides liquidity by allowing investors to buy and sell debt instruments before their maturity date. This allows investors to exit their positions when needed.
No Ownership: Unlike equity investments where an investor becomes a part-owner of the company, a debt investor is simply a creditor. They do not have voting rights or ownership claims on the company's assets (unless the company defaults).
Importance of the Debt Market to the Economy
The debt market plays a vital role in a country's economic development by ensuring an efficient flow of funds from savers to borrowers.
Mobilizes Long-Term Capital: It is a crucial platform for governments and corporations to raise large amounts of long-term capital needed for infrastructure projects, business expansion, and other development initiatives. Without a robust debt market, these entities would be heavily reliant on bank loans, which can be restrictive.
Benchmark for Interest Rates: The yields on government securities in the debt market serve as a risk-free rate of return. This rate acts as a benchmark against which all other interest rates in the economy (like bank loan rates and corporate bond yields) are measured.
Supports Monetary Policy: The RBI uses the debt market to implement its monetary policy through Open Market Operations (OMOs). By buying or selling government securities, the central bank can effectively manage the money supply and influence interest rates to control inflation or stimulate economic growth.
Provides Investment Opportunities: The debt market offers a wide range of investment products with varying risk-return profiles, catering to a diverse pool of investors, including individuals, pension funds, and insurance companies. This helps in mobilizing savings and directing them into productive uses.
Diversifies Funding Sources: A well-developed debt market reduces the over-reliance on the banking system for finance. This creates a more stable and resilient financial system by providing an alternative "spare tire" for firms to raise funds, especially during times of financial stress.
Types of Risks in the Debt Market
Interest Rate Risk: This is the most significant risk in the debt market. It is the risk that a bond's price will fall due to a rise in market interest rates.
The relationship between bond prices and interest rates is inverse. When market interest rates go up, new bonds are issued with higher interest payments. This makes older bonds with lower fixed interest rates less attractive to investors, causing their market price to fall. Example: If you hold a bond with a 5% interest rate, and the market rate for similar bonds rises to 7%, your 5% bond is now less valuable.
To sell it, you'd have to offer it at a discount.
Credit Risk (Default Risk): This is the risk that the issuer of a debt instrument (a company or government) will fail to make its promised interest payments or repay the principal amount at maturity.
This risk is a major concern for corporate bonds, as companies can face financial difficulties. Note: Government securities (G-Secs) are generally considered risk-free as they are backed by the government.
The higher the perceived credit risk of an issuer, the higher the interest rate they must offer to attract investors.
Liquidity Risk: This is the risk that an investor may not be able to sell a debt instrument quickly at a fair market price due to a lack of buyers in the market.
This is more common with corporate bonds from smaller companies or during periods of market stress, where demand for these instruments dries up. Reinvestment Risk: This is the risk that an investor will be unable to reinvest the income from a debt instrument (like interest payments) at the same or a higher rate of return.
This risk is particularly relevant in a falling interest rate environment. Example: An investor receives an interest payment from a 7% bond. If market interest rates have now fallen to 5%, the investor can only reinvest that money at the lower rate, reducing their overall return.
Inflation Risk: This is the risk that a debt instrument's returns will be eroded by inflation, leading to a loss in the real purchasing power of the investment.
Since most debt instruments pay a fixed interest rate, high inflation can make the fixed return inadequate to keep up with rising prices. Formula: Real Return = Nominal Return - Inflation Rate.
A fixed-income bond might give a 6% return, but if inflation is 7%, the real return is a negative 1%. 📉
Benefits of an Efficient Debt Market
Mobilization of Savings: The debt market provides a secure and stable avenue for investors (savers) to invest their surplus funds. This mobilizes capital that might otherwise remain idle, channeling it into productive use by borrowers.
Facilitates Capital Formation: It is a vital source of long-term capital for both the government and the corporate sector. Governments issue bonds to finance large infrastructure projects, while companies use them to expand operations, modernize, and fund new ventures.
Benchmark for Interest Rates: The yield on government bonds, which are considered the safest debt instruments, serves as a benchmark for all other interest rates in the economy. This risk-free rate provides a reference point for pricing loans and other debt instruments, ensuring a standardized and efficient pricing mechanism.
Aids Monetary Policy Implementation: The central bank (RBI) uses the debt market to conduct Open Market Operations (OMOs). By buying or selling government securities, the RBI can manage the money supply, control inflation, and influence credit availability in the economy.
Diversifies Funding Sources: A well-developed debt market reduces the over-reliance of companies on the banking system for finance. This provides an alternative and more flexible source of funding, especially for large projects, which helps in preventing credit crunches and strengthens the overall financial system.
Provides Investment and Risk Management Tools: For investors, the debt market offers a wide range of products with predictable returns and lower risk compared to equities. This allows for portfolio diversification and helps investors achieve stable income and capital preservation goals.
Types of Debt Instruments in the Indian Debt Market
1. Government Securities (G-Secs)
These are the safest debt instruments, as they are issued by the Central and State Governments and carry no default risk.
Treasury Bills (T-Bills): Short-term debt instruments issued by the Central Government with a maximum maturity of 364 days. They are zero-coupon securities, meaning they are sold at a discount to their face value.
Dated Government Securities: Long-term G-Secs with a fixed maturity ranging from 5 to 40 years. They pay a fixed or floating interest rate (coupon) on a half-yearly basis.
State Development Loans (SDLs): Bonds issued by individual State Governments to raise funds for their specific projects. They are also considered very safe.
Sovereign Gold Bonds (SGBs): A unique type of G-Sec issued by the RBI on behalf of the government. They are linked to the value of gold and provide an annual interest payment, plus the capital appreciation of gold at maturity.
Cash Management Bills (CMBs): Short-term instruments issued by the RBI to meet the temporary cash flow mismatches of the government. They have maturities of less than 91 days.
2. Corporate Debt Instruments
These are issued by corporations to raise capital. They carry higher risk than G-Secs but offer a higher return.
Corporate Bonds: Long-term debt instruments issued by companies to raise funds for various purposes, such as expansion or refinancing existing debt. They come with a fixed interest rate and a maturity date.
Debentures: Similar to corporate bonds, but they are often unsecured, relying only on the company's creditworthiness. Due to the lack of collateral, they offer a higher interest rate to compensate for the higher risk.
Commercial Papers (CPs): Unsecured promissory notes issued by highly-rated companies to meet their short-term working capital needs. They have maturities ranging from 7 days to 1 year and are very popular for corporate short-term borrowing.
Securitised Debt Instruments: These are instruments created by pooling and repackaging financial assets (like home loans or car loans) into tradable securities. They allow investors to invest in a diversified pool of loans and are a form of asset-backed security.
3. Bank and Financial Institution Instruments
Certificates of Deposit (CDs): Short-term debt instruments issued by banks and financial institutions against funds deposited with them. They are negotiable and offer a fixed interest rate for a specific period.
Fixed Deposits (FDs): While technically a debt instrument, they are a traditional bank product. You lend money to the bank for a fixed period and earn a fixed interest rate.
Loans and Mortgages: These are debt instruments where a bank or financial institution lends a specific amount of money to an individual or business. The borrower agrees to repay the principal and interest over a set period.
4. Other Instruments
Municipal Bonds: These are issued by local government bodies (like municipal corporations) to finance public projects such as road construction, water supply systems, or urban development.
Bonds with Special Features: This category includes perpetual bonds (which have no maturity date), convertible bonds (which can be converted into equity shares), and zero-coupon bonds (which don't pay interest but are issued at a deep discount).
Key Players in the Indian Debt Market
1. Issuers
Role and Importance: These are the entities that borrow money by issuing debt instruments. They are the primary drivers of the market as they create the supply of debt securities.
Examples:
Government: The largest issuer in the market, both the central and state governments issue Government Securities (G-Secs) to finance their fiscal deficits and public projects. The RBI acts as their agent.
Corporations: Public and private companies issue corporate bonds and debentures to raise funds for business expansion, modernization, and other long-term needs.
Public Sector Units (PSUs): Government-owned companies also issue bonds to raise capital.
2. Regulators
Role and Importance: Regulators create a safe, transparent, and fair environment for the market to operate. They oversee participants and ensure rules are followed to protect investors.
Examples:
Reserve Bank of India (RBI): The primary regulator for the government securities market. The RBI manages public debt on behalf of the government, conducts open market operations to control liquidity, and supervises Primary Dealers.
Securities and Exchange Board of India (SEBI): The main regulator for the corporate debt market. SEBI formulates rules for the issuance, listing, and trading of corporate bonds to ensure investor protection and market integrity.
3. Financial Intermediaries and Participants
Role and Importance: These players bridge the gap between issuers and investors. They facilitate the trading process, provide liquidity, and offer advisory services.
Examples:
Primary Dealers (PDs): These are financial institutions specifically authorized by the RBI to act as market makers for government securities. Their main role is to buy G-Secs directly from the government and provide liquidity in the secondary market by continuously quoting two-way prices.
Commercial Banks: They are significant investors in both the government and corporate debt markets. They also facilitate the issuance and trading of debt instruments for their clients.
Mutual Funds: Debt funds are a major category of mutual funds that collect money from many investors and invest in a diversified portfolio of debt instruments. They are major investors in the corporate debt market.
Insurance and Pension Funds: Due to their long-term liabilities, these funds are major investors in long-dated government and corporate bonds, as the fixed returns from these instruments match their long-term payout obligations.
Retail and Institutional Investors: This group includes individual investors, foreign portfolio investors (FPIs), provident funds, and other financial institutions that invest directly in debt instruments to earn a stable return.
Key Features of Debt Instruments in India
Debt instruments in India share several key features that define their nature and appeal to investors:
Fixed Income: Debt instruments are often called fixed-income securities because they provide a predictable, regular stream of income to the investor through interest payments, known as coupons.
Maturity Period: Every debt instrument has a specified maturity date on which the principal amount is repaid to the investor.
This can range from a few days for Treasury Bills to decades for long-term government bonds. Creditor Status: A debt investor is a creditor, not an owner. They do not have voting rights or ownership claims on the issuer.
Their claim is limited to the repayment of the principal and interest. Lower Risk: Compared to equity, debt instruments generally have a lower risk profile.
In the event of a company's liquidation, bondholders are paid back before shareholders. Security: Some debt instruments, like secured bonds, are backed by specific assets of the issuer, providing an additional layer of protection to the investor.
Unsecured instruments, like debentures, rely solely on the issuer's creditworthiness.
Factors Affecting the Value of Debt Instruments
The value of a debt instrument, particularly in the secondary market, is dynamic and is primarily influenced by the following factors:
Interest Rates: This is the most significant factor. The relationship between interest rates and bond prices is inverse.
When market interest rates rise, new bonds are issued with higher coupons. This makes existing bonds with lower fixed rates less attractive, causing their market price to fall. Conversely, when interest rates fall, existing bonds become more valuable. Credit Rating: A bond's credit rating, assigned by agencies like CRISIL, CARE, and ICRA, reflects the issuer's ability to repay its debt.
A downgrade in an issuer's credit rating signals a higher risk of default, causing the value of its bonds to fall. An upgrade has the opposite effect. Inflation: High inflation erodes the real value of a bond's fixed interest payments. If the inflation rate is higher than the bond's interest rate, the investor's real return is negative, making the bond less valuable.
Liquidity: The ease with which a bond can be bought or sold in the market also affects its price.
Highly liquid bonds (e.g., benchmark government bonds) command a better price, while illiquid bonds may have to be sold at a discount. Maturity Period: The value of a long-term bond is more sensitive to changes in interest rates than a short-term bond.
This is because interest rate risk increases with a longer time to maturity.
Government Securities (G-Secs)
Government Securities (G-Secs) are debt instruments issued by the Central Government or State Governments to raise money.
Key Features of Government Securities
G-Secs have several distinct features that make them unique in the debt market:
Risk-Free Nature: G-Secs are considered the safest investment as they are guaranteed by the government.
This means there is no risk of the issuer defaulting on its payments of interest or principal. Because of this, they are often referred to as "sovereign securities". High Liquidity: G-Secs are highly liquid, especially in the secondary market, where they can be easily bought and sold.
The RBI acts as a facilitator, ensuring continuous trading. Fixed or Floating Rate: Most G-Secs have a fixed interest rate, known as the coupon rate, which is paid semi-annually. Some securities also come with a floating interest rate, which is reset periodically based on a benchmark rate.
Long Maturity Period: G-Secs typically have a long maturity period, ranging from 5 to 40 years. This makes them a preferred investment for institutions with long-term liabilities like pension funds and insurance companies.
Zero-Coupon Securities: Some G-Secs, like Treasury Bills, are zero-coupon instruments.
They are issued at a discount to their face value, and the return to the investor is the difference between the face value and the discounted price at which they were purchased. Availability: G-Secs are available to a wide range of investors, including banks, financial institutions, and even individual retail investors through platforms like the RBI Retail Direct scheme.
Examples of Government Securities (G-Secs)
Treasury Bills (T-Bills): These are short-term. An example would be a 91-day T-Bill. The government issues this security to meet its immediate funding needs. You might buy a T-Bill with a face value of ₹10,000 for ₹9,850. After 91 days, the government pays you the full ₹10,000, and your profit is ₹150.
Dated Government Bonds: These are long-term. An example is the 7.26% Government of India (GOI) 2032 Bond.
The 7.26% is the annual fixed interest rate (coupon) that the government pays on the bond's face value.
GOI indicates that it's issued by the Government of India.
2032 is the year the bond matures. The government will repay the principal amount to the bondholders in that year.
State Development Loans (SDLs): Issued by state governments. An example would be a 6.90% Maharashtra State Development Loan 2029. This means the government of Maharashtra has borrowed money and will pay a 6.90% interest rate each year until the loan matures in 2029.
Examples of Other Debt Instruments
Commercial Paper (CP): A highly-rated company like Larsen & Toubro might issue a 3-month Commercial Paper to meet its short-term working capital needs. It would be issued at a discount and redeemed at face value.
Certificates of Deposit (CDs): A bank like ICICI Bank may issue a 6-month Certificate of Deposit to raise funds. An investor who buys this CD receives a fixed interest rate on their deposit for that period.
What are PSU Bonds?
PSU Bonds are debt instruments issued by Public Sector Undertakings (PSUs), which are companies majority-owned by the Government of India.
Key Features of PSU Bonds
Higher Yield: PSU bonds typically offer a slightly higher interest rate (yield) compared to G-Secs.
This is because, while they are very safe, they still carry a minor amount of credit risk compared to a sovereign bond. This higher yield makes them attractive to investors seeking stable, regular income. Safety: Because PSUs are government-owned, the credit risk of their bonds is very low.
Investors consider them to be a secure investment, making them a popular choice for risk-averse investors like pension funds and insurance companies. Fixed Income: Like most debt instruments, PSU bonds provide a fixed stream of income to the investor through regular interest payments (coupons) until the bond matures.
Liquidity: The liquidity of PSU bonds can vary. Highly-rated and actively traded bonds from major PSUs like REC or PFC are generally liquid, while bonds from smaller PSUs may be less so.
Examples of PSU Bonds
Power Finance Corporation (PFC) Bonds: PFC is a leading financial institution in the power sector.
It issues bonds to raise funds for financing power projects across India. A 7.25% PFC Bond maturing in 2030 would pay a fixed 7.25% annual interest until the year 2030. Indian Railways Finance Corporation (IRFC) Bonds: IRFC raises funds for the Indian Railways' expansion and modernization projects.
It regularly issues bonds that are highly sought after due to their low risk and government backing. Rural Electrification Corporation (REC) Bonds: REC is a public financial institution focused on rural electrification.
It issues bonds to finance its projects, offering investors a stable return.
Tax-Free Bonds
Tax-Free Bonds are debt instruments where the interest income earned by the investor is completely exempt from income tax. These bonds are typically issued by government-backed entities like state governments, public sector undertakings (PSUs), and municipal corporations to finance public infrastructure projects. 🇮🇳
Key Feature: The main benefit is that the interest payments you receive are not added to your taxable income. This makes them highly attractive to investors in higher tax brackets, as the post-tax return can be significantly better than that of taxable bonds.
Lower Coupon Rate: To compensate for the tax benefit, these bonds generally offer a lower interest rate (coupon rate) compared to taxable bonds of a similar maturity and credit rating.
Taxable Bonds
Taxable Bonds are debt instruments where the interest income is considered part of the investor's total income and is taxed according to their applicable income tax slab.
Key Feature: The interest earned on these bonds is fully taxable. This means the investor's final return is reduced by the amount of tax they have to pay.
Higher Coupon Rate: To attract investors, taxable bonds typically offer a higher interest rate compared to tax-free bonds.
The higher coupon rate is meant to compensate for the tax liability and provide a competitive post-tax return.
Corporate bonds are debt securities issued by corporations to raise capital from investors. When you buy a corporate bond, you are essentially lending money to the company. In return, the company promises to pay you regular interest payments, and to repay the principal amount on a specified maturity date.
Key Features of Corporate Bonds
Creditor Status: A corporate bond investor is a creditor of the company, not an owner. Unlike shareholders, bondholders do not have voting rights or a claim on the company's profits, but they have a higher claim on the company's assets in case of a liquidation.
Fixed Income: Most corporate bonds provide a fixed stream of income through regular, periodic interest payments, known as the coupon rate. This makes them a popular choice for investors seeking a predictable and steady cash flow.
Maturity Period: Every bond has a fixed maturity date. This can range from short-term notes (less than 5 years) to long-term bonds (more than 10 years). The issuer repays the principal amount to the bondholder at maturity.
Credit Ratings: Corporate bonds are rated by credit rating agencies like CRISIL, ICRA, and CARE in India. A bond's credit rating reflects the issuer's ability to repay its debt. A higher rating (e.g., AAA) indicates lower credit risk, while a lower rating (e.g., BBB or below) signals higher risk.
Higher Yield: Corporate bonds typically offer a higher interest rate compared to government securities (G-Secs) of a similar maturity. This is because they carry a higher risk of default.
Types and Examples of Corporate Bonds
Secured Bonds: These bonds are backed by specific assets of the company as collateral. If the company defaults, bondholders have a legal claim on those assets. An example could be a bond issued by a real estate developer and secured by a specific property.
Unsecured Bonds (Debentures): These are not backed by any specific collateral and are issued based on the company's creditworthiness. They are riskier than secured bonds and, therefore, usually offer a higher interest rate. In India, the terms "bond" and "debenture" are often used interchangeably, although debentures are technically unsecured.
Convertible Bonds: These are a hybrid instrument. They offer the bondholder the option to convert the bond into a pre-specified number of the company's equity shares at a later date. This feature allows investors to benefit from a company's stock price appreciation.
Zero-Coupon Bonds: These bonds do not pay periodic interest. Instead, they are issued at a deep discount to their face value. The return to the investor is the difference between the discounted price they paid and the full face value they receive at maturity.
Examples of Corporate Bonds
Tata Motors Debenture: Tata Motors may issue a 5-year, 7.5% debenture to raise funds for a new factory. An investor who buys this debenture will receive a 7.5% interest payment each year for five years. At the end of the fifth year, the company will repay the principal.
Reliance Industries Bond: Reliance Industries might issue a 10-year bond to fund an expansion project. A person who invests in this bond receives interest payments and gets their principal back at the end of the 10-year period.
Aditya Birla Capital 10-Year Bond:
Issuer: Aditya Birla Capital
Coupon Rate: 7.61%
Maturity: 10 years
An investor who buys this bond would lend money to Aditya Birla Capital for a period of 10 years. In return, they would receive regular interest payments at a rate of 7.61% per year. At the end of the 10-year period, the company would repay the principal amount to the investor.
Securities Trading Corporation of India (STCI)
The Securities Trading Corporation of India (STCI) was established in 1994, jointly by the Reserve Bank of India (RBI) and public sector banks.
Role and Importance
STCI played a vital role in the Indian financial market, particularly in the debt segment:
Market Maker: It acted as a market maker for government securities, continuously providing quotes for buying and selling.
This ensured a liquid market for G-Secs, making it easier for investors to trade them. Primary Dealer: STCI was one of the first Primary Dealers accredited by the RBI.
This role involved actively participating in the primary auctions of government securities and then selling them in the secondary market, helping the government manage its borrowing program. Diversification: As the Indian financial landscape evolved, STCI diversified its activities.
It began to act as a market maker for corporate bonds and money market instruments, broadening its influence beyond just government securities. Later Evolution: The RBI later divested its stake in STCI, which then became a non-banking financial company (NBFC) named STCI Finance Limited.
Its primary dealership business was hived off into a separate subsidiary, STCI Primary Dealer Limited (STCI PD), which continues to play a major role in the government securities market.
Bond Rating
A bond rating, also known as a credit rating, is a letter-based grade assigned by independent credit rating agencies to a bond issuer.
The Importance of Bond Ratings
Bond ratings are a fundamental tool in the financial markets for both investors and issuers.
For Investors
Risk Assessment: Bond ratings provide a quick and standardized way for investors to evaluate the credit risk or default risk of a bond.
A high rating (e.g., AAA) signifies a very low risk of the issuer defaulting, while a low rating (e.g., BB or below) indicates a higher risk. This helps investors choose bonds that align with their risk tolerance. Informed Decision-Making: They simplify the complex process of financial analysis. Instead of having to meticulously analyze a company's balance sheet and financial statements, an investor can use the rating as a reliable, third-party opinion to make informed investment decisions.
Portfolio Management: Ratings help institutional investors, like pension funds and mutual funds, manage their portfolios by establishing investment guidelines.
For example, many funds are restricted by law from investing in bonds rated below a certain level (often called "investment grade").
For Issuers
Cost of Borrowing: A company's bond rating directly influences its cost of borrowing. A higher rating allows an issuer to raise funds at a lower interest rate, as investors are willing to accept a smaller return for taking on less risk.
A lower-rated company, on the other hand, must offer a higher interest rate to attract investors. Access to Capital Markets: A good rating enhances an issuer's reputation and credibility, making it easier for them to access the debt markets.
It gives potential investors confidence that the company is financially stable and reliable. Market Transparency: Ratings promote market efficiency by providing a transparent and universally understood measure of credit risk.
This helps to reduce information asymmetry between the issuer and the investor.
Indian Context
In India, credit ratings are provided by agencies such as CRISIL, ICRA, and CARE Ratings.
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