{"id":11255,"date":"2026-01-03T09:11:22","date_gmt":"2026-01-03T09:11:22","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=11255"},"modified":"2026-04-15T07:10:17","modified_gmt":"2026-04-15T07:10:17","slug":"how-to-evaluate-the-creditworthiness-of-nbfc-bonds","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/","title":{"rendered":"How to Evaluate The Creditworthiness Of NBFC Bonds?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When you buy an NBFC bond, you\u2019re lending money to a non-banking financial company in exchange for timely interest payments and principal repayment at maturity. But how will you know if the company will make payments on time or even repay the principal? That\u2019s where NBFC bond creditworthiness comes in.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The creditworthiness of an NBFC simply tells you about the issuer\u2019s ability to make timely payments. High creditworthiness means lower default risk, while low creditworthiness may mean greater possibility of missed payments and defaults. Understanding this is key to evaluating NBFC bond risks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this guide, we offer a practical framework you may use to conduct a credit analysis for NBFC bonds before investing.\u00a0<\/span><\/p>\n<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 ' ><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\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#Steps_to_Evaluate_Creditworthiness_of_NBFC_Bonds\" >Steps to Evaluate Creditworthiness of NBFC Bonds<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#Step_1_Start_With_Credit_Ratings\" >Step 1: Start With Credit Ratings\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#Step_2_Understand_Asset_Quality_and_the_Loan_Book\" >Step 2: Understand Asset Quality and the Loan Book<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#Step_3_Check_Capital_Strength_Ability_to_Absorb_Losses\" >Step 3: Check Capital Strength (Ability to Absorb Losses)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#Step_4_Review_Profitability_and_Earnings_Stability\" >Step 4: Review Profitability and Earnings Stability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#Step_5_Look_at_Liquidity_and_Funding_Sources\" >Step 5: Look at Liquidity and Funding Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#Step_6_Evaluate_Business_Model_and_Industry_Risk\" >Step 6: Evaluate Business Model and Industry Risk<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#Step_7_Review_Management_Quality_and_Governance\" >Step 7: Review Management Quality and Governance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#Step_8_Consider_Economic_and_Regulatory_Environment\" >Step 8: Consider Economic and Regulatory Environment<\/a><\/li><\/ul><\/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\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#Implementing_A_Practical_Framework_for_NBFC_Bond_Credit_Worthiness\" >Implementing A Practical Framework for NBFC Bond Credit Worthiness<\/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\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#FAQs_on_Creditworthiness_of_NBFC_Bonds\" >FAQs on Creditworthiness of NBFC Bonds<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#How_to_evaluate_NBFC_bond_risks\" >How to evaluate NBFC bond risks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#Does_NBFC_bond_creditworthiness_impact_bond_prices\" >Does NBFC bond creditworthiness impact bond prices?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#What_is_the_NBFC_bond_rating_criteria\" >What is the NBFC bond rating criteria?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Steps_to_Evaluate_Creditworthiness_of_NBFC_Bonds\"><\/span><b>Steps to Evaluate Creditworthiness of NBFC Bonds<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Step_1_Start_With_Credit_Ratings\"><\/span><b>Step 1: Start With Credit Ratings\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Credit ratings are a quick, standardised signal of <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/\">NBFC<\/a> bond credit worthiness. They summarise the issuer\u2019s ability to meet interest and principal obligations, based on the rating agency\u2019s view of business, financials, and risk controls.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When evaluating NBFC bond risks, credit ratings from agencies like CRISIL, ICRA, and CARE are essential. Here\u2019s what they indicate:<\/span><\/p>\n<div class=\"pcrstb-wrap\"><table>\n<tbody>\n<tr>\n<td><b>Credit Rating<\/b><\/td>\n<td><b>Credit Risk Level<\/b><\/td>\n<td><b>What It Indicates<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">AAA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Lowest risk<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Highest degree of safety; very strong ability to meet obligations<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">AA+, AA, AA-<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Very low risk<\/span><\/td>\n<td><span style=\"font-weight: 400;\">High degree of safety; strong capacity to repay<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">A+, A, A-<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Low risk<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Adequate safety; stable but more sensitive to economic changes<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">BBB+, BBB, BBB-<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Moderate risk<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Moderate degree of safety; acceptable repayment capacity<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">BB<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Moderate\u2013high risk<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Increased risk of default under stress<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">B+, B, B-<\/span><\/td>\n<td><span style=\"font-weight: 400;\">High risk<\/span><\/td>\n<td><span style=\"font-weight: 400;\">High likelihood of default<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">C<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Very high risk<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Very weak repayment capacity<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">D<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Default<\/span><\/td>\n<td><span style=\"font-weight: 400;\">In default or expected to default<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><span style=\"font-weight: 400;\">Also, you should note that the issuer\u2019s credit rating may change during the course of the bond\u2019s tenure. Ratings agencies review ratings periodically and may downgrade them if the financials look weak. This could be an important factor in credit analysis of NBFC bonds.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Step_2_Understand_Asset_Quality_and_the_Loan_Book\"><\/span><b>Step 2: Understand Asset Quality and the Loan Book<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">An NBFC can repay its bonds only if its borrowers repay their loans. That\u2019s why asset quality is one of the most important parts of evaluating NBFC bond <a href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/corporate-bonds\/6-risk-factors-to-evaluate-in-corporate-bond-investments\/\">risk<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In simple terms, asset quality tells you how healthy the NBFC\u2019s loan book is.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What to look for:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Bad loans (NPAs)<\/b><span style=\"font-weight: 400;\">: Higher bad loans mean borrowers are struggling to repay<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Recovery strength<\/b><span style=\"font-weight: 400;\">: Strong collections reduce stress during slowdowns<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loan mix<\/b><span style=\"font-weight: 400;\">: Heavy exposure to risky segments like <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/what-are-secured-and-unsecured-bonds\/\">unsecured<\/a> loans or real estate can increase volatility<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Customer quality<\/b><span style=\"font-weight: 400;\">: Lending to lower-rated borrowers increases risk<\/span><\/li>\n<\/ul>\n<p><b>Where can you check this?<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\"> You can find asset quality details in:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annual reports<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investor presentations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credit rating reports by CRISIL, ICRA, or CARE<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This forms the base of credit analysis for NBFC bonds.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Step_3_Check_Capital_Strength_Ability_to_Absorb_Losses\"><\/span><b>Step 3: Check Capital Strength (Ability to Absorb Losses)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Capital is like a safety buffer. If some loans go bad, capital helps the NBFC absorb losses without missing bond payments. So checking this helps you conduct a thorough credit analysis for NBFC bonds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What to check:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Capital Adequacy (CRAR)<\/b><span style=\"font-weight: 400;\">: Higher capital means better protection<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Equity vs borrowing<\/b><span style=\"font-weight: 400;\">: Too much borrowing increases pressure<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Growth vs capital<\/b><span style=\"font-weight: 400;\">: Fast growth without capital support raises risk<\/span><\/li>\n<\/ul>\n<p><b>Where can you find this?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Balance sheet in annual reports<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credit rating rationale documents<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Step_4_Review_Profitability_and_Earnings_Stability\"><\/span><b>Step 4: Review Profitability and Earnings Stability<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Profitability shows whether an NBFC earns enough to comfortably pay interest on its bonds. Stable profits reduce NBFC bond risks over time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can check if the NBFC has:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consistent profits over multiple years<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Healthy margins (not shrinking sharply)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Controlled costs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Manageable credit losses<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You don\u2019t need complex ratios. Just check whether profits:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are steady across economic cycles<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Don\u2019t swing wildly year to year<\/span><\/li>\n<\/ul>\n<p><b>Where to check?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Profit &amp; Loss statement in annual reports<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rating agency summaries<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For NBFC bond credit worthiness, consistency matters more than high one-time profits.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Step_5_Look_at_Liquidity_and_Funding_Sources\"><\/span><b>Step 5: Look at Liquidity and Funding Sources<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Even profitable NBFCs can struggle if they can\u2019t access cash when needed. Liquidity plays a major role in evaluating NBFC bond risk.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What to understand:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Does the NBFC rely heavily on short-term borrowing?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Does it have multiple funding sources (banks, bonds, securitisation)?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Does it maintain cash buffers?<\/span><\/li>\n<\/ul>\n<p><b>Why this matters:<\/b><span style=\"font-weight: 400;\"> If funding dries up suddenly, bond repayments can come under pressure.<\/span><\/p>\n<p><b>Where to find this?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Notes to accounts in annual reports<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rating agency liquidity commentary<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Step_6_Evaluate_Business_Model_and_Industry_Risk\"><\/span><b>Step 6: Evaluate Business Model and Industry Risk<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Not all NBFCs operate in the same environment. Some industries are more stable than others, which affects NBFC bond credit worthiness.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, an NBFC in a high-growth housing segment may be more stable than one exposed to stressed infrastructure projects. This will impact how profitable the NBFC is today and what may be it\u2019s growth prospects (and repayment ability) in the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s why this context is critical in <a href=\"https:\/\/goldenpi.com\/blog\/uncategorized\/right-vs-wrong-read-and-improve-credit-score-in-2026\/\">credit<\/a> analysis for NBFC bonds. Here\u2019s what you may need to assess:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Industry cycle<\/b><span style=\"font-weight: 400;\">: Is the sector growing or slowing?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Market demand<\/b><span style=\"font-weight: 400;\">: Are loans still in demand?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Competition<\/b><span style=\"font-weight: 400;\">: Too much competition can reduce margins<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sector exposure<\/b><span style=\"font-weight: 400;\">: Infrastructure, real estate, or MSME lending can be cyclical<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Step_7_Review_Management_Quality_and_Governance\"><\/span><b>Step 7: Review Management Quality and Governance<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Good management often makes the biggest difference during stress. This is why governance is part of NBFC bond rating criteria as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can check these things:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is the senior management strong and competent?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Does the management have a history of handling downturns?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are there frequent regulatory issues?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are disclosures transparent?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You don\u2019t need personal access to management. Rating reports and annual reports usually highlight governance strengths or concerns.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Step_8_Consider_Economic_and_Regulatory_Environment\"><\/span><b>Step 8: Consider Economic and Regulatory Environment<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">NBFCs operate under RBI regulation and are affected by the broader economy. Even strong NBFCs can face short-term stress if conditions tighten.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means that the creditworthiness of NBFC bonds may change if some regulatory changes are introduced. These regulatory and environmental factors include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interest rate movements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">RBI\u2019s revision of NBFC regulations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Economic slowdowns affecting borrowers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sector-specific stress<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This helps you put NBFC bond credit worthiness in context of the broader economy, rather than looking at numbers alone.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Implementing_A_Practical_Framework_for_NBFC_Bond_Credit_Worthiness\"><\/span><b>Implementing A Practical Framework for NBFC Bond Credit Worthiness<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To evaluate NBFC bond credit worthiness, start with:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ratings check<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Review asset quality<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Check capital buffers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assess profitability and business model<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consider liquidity provisions<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This structured approach makes evaluating NBFC bond risk more consistent and helps you complete a practical credit analysis for NBFC bonds.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you wish to make the investment process smoother, you can check AAA and AA-rated NBFC bonds on <\/span><a href=\"https:\/\/goldenpi.com\/\"><span style=\"font-weight: 400;\">GoldenPi<\/span><\/a><span style=\"font-weight: 400;\">. These bonds carry the some of the highest credit ratings, meaning top-most level of capital safety.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Creditworthiness_of_NBFC_Bonds\"><\/span><b>FAQs on Creditworthiness of NBFC Bonds<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"How_to_evaluate_NBFC_bond_risks\"><\/span><b>How to evaluate NBFC bond risks?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Assessing the credit rating of the NBFC (and correspondingly the bond) is the first step. NBFCs with AAA and AA ratings offer the highest level of security, while BBB and lower may have a higher default risk.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other than that, you can also asset the asset quality, loan book, capital reserve and liquidity, and business model of the NBFC to understand it\u2019s long-term outlook.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Does_NBFC_bond_creditworthiness_impact_bond_prices\"><\/span><b>Does NBFC bond creditworthiness impact bond prices?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes. Lower NBFC bond creditworthiness means that there is a greater chance of default. This tends to push such bond prices lower in the secondary market. Issuers also have to offer higher yields to attract investors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversely, higher NBFC bond creditworthiness may help increase the price of the bond in the secondary market because more people will be willing to buy it. But this may also mean lower yield rates.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_NBFC_bond_rating_criteria\"><\/span><b>What is the NBFC bond rating criteria?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">NBFC bond rating criteria (criteria for rating the NBFC) varies depending on the rating agency in question. For instance, ICRA uses the following as NBFC bond rating criteria:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Operating and business risk\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial risk (asset quality, profitability, and capitalisation)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Liquidity\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Disclaimer:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This information is for general information purposes only. GoldenPi makes no guarantee on the accuracy of the data provided here; the information displayed is subject to change and is provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. Investments in debt securities\/ municipal debt securities\/ securitised debt instruments are subject to risks including delay and\/ or default in payment. Read all the offer related documents carefully.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bonds or non-convertible debentures (NCDs) are regulated by the Securities and Exchange Board of India and other government authorities. GoldenPi Securities Private Limited is a registered debt broker and acts as a distributor and not as a manufacturer of the product.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you buy an NBFC bond, you\u2019re lending money to a non-banking financial company in exchange for timely interest payments and principal&hellip;<\/p>\n","protected":false},"author":8,"featured_media":11298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[26,25],"tags":[18,37,45,52,64],"class_list":["post-11255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-guide","category-bond-news","tag-bonds","tag-bond-investment","tag-bond-market","tag-bond-history","tag-corporate-bonds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Evaluating the Creditworthiness of NBFC Bonds<\/title>\n<meta name=\"description\" content=\"Learn how to evaluate NBFC bond risks. Explore the steps included in assessing NBFC bond creditworthiness to make informed investments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Evaluating the Creditworthiness of NBFC Bonds\" \/>\n<meta property=\"og:description\" content=\"Learn how to evaluate NBFC bond risks. Explore the steps included in assessing NBFC bond creditworthiness to make informed investments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-03T09:11:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-15T07:10:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/03091108\/unnamed.png\" \/>\n\t<meta property=\"og:image:width\" content=\"512\" \/>\n\t<meta property=\"og:image:height\" content=\"341\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Abhijit Roy, CEO &amp; CO-Founder - GoldenPi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GoldenPiTech\" \/>\n<meta name=\"twitter:site\" content=\"@GoldenPiTech\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Abhijit Roy, CEO &amp; CO-Founder - GoldenPi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/\",\"url\":\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/\",\"name\":\"Evaluating the Creditworthiness of NBFC Bonds\",\"isPartOf\":{\"@id\":\"https:\/\/goldenpi.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/03091108\/unnamed.png\",\"datePublished\":\"2026-01-03T09:11:22+00:00\",\"dateModified\":\"2026-04-15T07:10:17+00:00\",\"author\":{\"@id\":\"https:\/\/goldenpi.com\/blog\/#\/schema\/person\/5509723fa5ddf09c308e03423c578453\"},\"description\":\"Learn how to evaluate NBFC bond risks. Explore the steps included in assessing NBFC bond creditworthiness to make informed investments.\",\"breadcrumb\":{\"@id\":\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#primaryimage\",\"url\":\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/03091108\/unnamed.png\",\"contentUrl\":\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/03091108\/unnamed.png\",\"width\":512,\"height\":341,\"caption\":\"How to Evaluate The Creditworthiness Of NBFC Bonds?\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/goldenpi.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How to Evaluate The Creditworthiness Of NBFC Bonds?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/goldenpi.com\/blog\/#website\",\"url\":\"https:\/\/goldenpi.com\/blog\/\",\"name\":\"GoldenPi | Blogs\",\"description\":\"All about bonds online in India\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/goldenpi.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/goldenpi.com\/blog\/#\/schema\/person\/5509723fa5ddf09c308e03423c578453\",\"name\":\"Abhijit Roy, CEO &amp; CO-Founder - GoldenPi\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/goldenpi.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/50148fe2f5e810e7f34adaace371bdbceacbbce605afb4463be346a7434151e7?s=96&d=https%3A%2F%2Fd2zny4996dl67j.cloudfront.net%2Fblogs%2Fwp-content%2Fuploads%2F2026%2F01%2F12111941%2FAbhijit-512x512-1-1-150x150.png&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/50148fe2f5e810e7f34adaace371bdbceacbbce605afb4463be346a7434151e7?s=96&d=https%3A%2F%2Fd2zny4996dl67j.cloudfront.net%2Fblogs%2Fwp-content%2Fuploads%2F2026%2F01%2F12111941%2FAbhijit-512x512-1-1-150x150.png&r=g\",\"caption\":\"Abhijit Roy, CEO &amp; CO-Founder - GoldenPi\"},\"description\":\"With over 15 years of experience across fixed income and debt markets, he brings deep domain expertise along with a strong focus on investor education and transparency. An alumnus of IIT Kharagpur and IIM Calcutta, his views are personal and should not be considered investment advice.\",\"url\":\"https:\/\/goldenpi.com\/blog\/author\/seo-agency\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Evaluating the Creditworthiness of NBFC Bonds","description":"Learn how to evaluate NBFC bond risks. Explore the steps included in assessing NBFC bond creditworthiness to make informed investments.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/","og_locale":"en_US","og_type":"article","og_title":"Evaluating the Creditworthiness of NBFC Bonds","og_description":"Learn how to evaluate NBFC bond risks. Explore the steps included in assessing NBFC bond creditworthiness to make informed investments.","og_url":"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/","og_site_name":"GoldenPi | Blogs","article_publisher":"https:\/\/www.facebook.com\/goldenpitech","article_published_time":"2026-01-03T09:11:22+00:00","article_modified_time":"2026-04-15T07:10:17+00:00","og_image":[{"width":512,"height":341,"url":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/03091108\/unnamed.png","type":"image\/png"}],"author":"Abhijit Roy, CEO &amp; CO-Founder - GoldenPi","twitter_card":"summary_large_image","twitter_creator":"@GoldenPiTech","twitter_site":"@GoldenPiTech","twitter_misc":{"Written by":"Abhijit Roy, CEO &amp; CO-Founder - GoldenPi","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/","url":"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/","name":"Evaluating the Creditworthiness of NBFC Bonds","isPartOf":{"@id":"https:\/\/goldenpi.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#primaryimage"},"image":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#primaryimage"},"thumbnailUrl":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/03091108\/unnamed.png","datePublished":"2026-01-03T09:11:22+00:00","dateModified":"2026-04-15T07:10:17+00:00","author":{"@id":"https:\/\/goldenpi.com\/blog\/#\/schema\/person\/5509723fa5ddf09c308e03423c578453"},"description":"Learn how to evaluate NBFC bond risks. Explore the steps included in assessing NBFC bond creditworthiness to make informed investments.","breadcrumb":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#primaryimage","url":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/03091108\/unnamed.png","contentUrl":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/03091108\/unnamed.png","width":512,"height":341,"caption":"How to Evaluate The Creditworthiness Of NBFC Bonds?"},{"@type":"BreadcrumbList","@id":"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-evaluate-the-creditworthiness-of-nbfc-bonds\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/goldenpi.com\/blog\/"},{"@type":"ListItem","position":2,"name":"How to Evaluate The Creditworthiness Of NBFC Bonds?"}]},{"@type":"WebSite","@id":"https:\/\/goldenpi.com\/blog\/#website","url":"https:\/\/goldenpi.com\/blog\/","name":"GoldenPi | Blogs","description":"All about bonds online in India","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/goldenpi.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/goldenpi.com\/blog\/#\/schema\/person\/5509723fa5ddf09c308e03423c578453","name":"Abhijit Roy, CEO &amp; CO-Founder - GoldenPi","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/goldenpi.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/50148fe2f5e810e7f34adaace371bdbceacbbce605afb4463be346a7434151e7?s=96&d=https%3A%2F%2Fd2zny4996dl67j.cloudfront.net%2Fblogs%2Fwp-content%2Fuploads%2F2026%2F01%2F12111941%2FAbhijit-512x512-1-1-150x150.png&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/50148fe2f5e810e7f34adaace371bdbceacbbce605afb4463be346a7434151e7?s=96&d=https%3A%2F%2Fd2zny4996dl67j.cloudfront.net%2Fblogs%2Fwp-content%2Fuploads%2F2026%2F01%2F12111941%2FAbhijit-512x512-1-1-150x150.png&r=g","caption":"Abhijit Roy, CEO &amp; CO-Founder - GoldenPi"},"description":"With over 15 years of experience across fixed income and debt markets, he brings deep domain expertise along with a strong focus on investor education and transparency. An alumnus of IIT Kharagpur and IIM Calcutta, his views are personal and should not be considered investment advice.","url":"https:\/\/goldenpi.com\/blog\/author\/seo-agency\/"}]}},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/11255","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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/comments?post=11255"}],"version-history":[{"count":3,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/11255\/revisions"}],"predecessor-version":[{"id":13195,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/11255\/revisions\/13195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/media\/11298"}],"wp:attachment":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/media?parent=11255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/categories?post=11255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/tags?post=11255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}