{"id":2642,"date":"2020-11-20T11:31:46","date_gmt":"2020-11-20T11:31:46","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=2642"},"modified":"2026-02-15T15:58:58","modified_gmt":"2026-02-15T15:58:58","slug":"credit-rating-agencies","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/credit-rating-agencies\/","title":{"rendered":"Credit Rating Agencies in India"},"content":{"rendered":"<p>You must have heard the phrase &#8220;The Zero Moment of Truth.&#8221; Zero moment of truth is all about the research we do on the product before we purchase it. Whether we are buying a villa or vase, we go through reviews and ratings. The same happens in the bond market as well. Here the rating is a systematic process executed by independent organizations, and they are called Credit Rating agencies. Credit rating agencies are well-regulated entities. Let&#8217;s discuss more about Credit Rating Agencies in India(CRA).<\/p>\n<p>The credit rating is an evaluation of prospective debtors. The debtor could be a country or organization that owes money. Credit Rating Agencies study the debtor&#8217;s credit history and predict the ability to pay back the bonds or other debt instruments and a forecast on anticipated debtor defaulting before investing through bond IPO. Credit ratings help both institutional and individual investors to invest appropriately.<\/p>\n<hr \/>\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 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/credit-rating-agencies\/#8_Terminologies_You_Must_Know_Before_You_Invest_in_Bonds\" >8 Terminologies You Must Know Before You Invest in Bonds<\/a><\/li><\/ul><\/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\/essentials\/bond-market\/credit-rating-agencies\/#Benefits_of_Credit_Rating\" >Benefits of Credit Rating<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/credit-rating-agencies\/#For_Investors\" >For Investors :<\/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\/essentials\/bond-market\/credit-rating-agencies\/#For_companiesissuers\" >For companies(issuers):<\/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\/essentials\/bond-market\/credit-rating-agencies\/#Top_Credit_Rating_Agencies_in_India\" >Top Credit Rating Agencies in India<\/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\/essentials\/bond-market\/credit-rating-agencies\/#Moodys\" >Moody&#8217;s:<\/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\/essentials\/bond-market\/credit-rating-agencies\/#Fitch\" >Fitch:<\/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\/essentials\/bond-market\/credit-rating-agencies\/#Standard_and_Poors\" >Standard and Poor&#8217;s:<\/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\/essentials\/bond-market\/credit-rating-agencies\/#What_is_the_bond_market_and_how_does_it_work\" >What is the bond market, and how does it work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/credit-rating-agencies\/#CRISIL\" >CRISIL:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/credit-rating-agencies\/#ICRA\" >ICRA:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/credit-rating-agencies\/#CARE\" >CARE:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/credit-rating-agencies\/#CRAs_study_the_overall_economic_condition_of_different_countries_They_consider_political_stability_capital_market_transparency_foreign_currency_reserves_and_investments_CRAs_prepare_reports_on_the_governments_general_creditworthiness_and_give_credit_ratings_called_a_sovereign_credit_rating\" >CRAs study the overall economic condition of different countries. They consider political stability, capital market transparency, foreign currency reserves, and investments. CRAs prepare reports on the government&#8217;s general creditworthiness and give credit ratings called a sovereign credit rating.<\/a><\/li><\/ul><\/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\/essentials\/bond-market\/credit-rating-agencies\/#Fixed_Income_Securities_Bonds_FDs_PPF_Bond-ETF_which_one_to_choose\" >Fixed Income Securities: Bonds, FDs, PPF, &amp; Bond-ETF which one to choose?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/credit-rating-agencies\/#You_as_a_bond_investor_are_trying_to_know_what_Bond_Rating_is\" >You, as a bond investor, are trying to know what Bond Rating is?<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"8_Terminologies_You_Must_Know_Before_You_Invest_in_Bonds\"><\/span><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-introduction\/8-key-bond-terminologies-explained-for-potential-bond-investors\">8 Terminologies You Must Know Before You Invest in Bonds<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<hr \/>\n<p>A credit rating agency is a company that assigns credit ratings.<br \/>\nCredit Rating Agencies in India consider the following factors to understand and predict the creditworthiness of the borrower.<\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Financials: Financials include the income statement, balance sheet, and cash flow.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Performance: The performance of a company is determined based on production, sales, sales growth, and market coverage.\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Management Quality: An organization with a value-based leadership team that is compliant with regulations performs better in the long run and sounds promising to the investors.\u00a0\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Prospect of usage of the fund: Understanding the business development strategies and purpose of fundraising.\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Payment History: Payment history includes repaying debts, dividends, taxes, and compensation to the employees.\u00a0<\/span><\/li>\n<\/ul>\n<p>The CRA and issuer make a contract. Credit rating agencies periodically collect credit history, credit type, duration, credit utilization, credit exposure, etc. They collect other financial details from banks and Financial Institutions that are related to the issuers. Considering all these collated data, agencies generate a report. These ratings guide investors and banks to make investment decisions. The CRAs disclose the report even if the issuer doesn&#8217;t accept the report and ratings. But the issuer can appeal to CRA to review the rating.<\/p>\n<p>Credit Rating Agencies in India provide a later-based rating. In India, &#8220;AAA&#8221; to &#8220;BBB&#8221; rated <a href=\"https:\/\/goldenpi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">bonds<\/a> are considered relatively safer instruments, and bonds rated below &#8220;BBB&#8221; are considered relatively riskier instruments.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_Credit_Rating\"><\/span><strong>Benefits of Credit Rating<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"For_Investors\"><\/span>For Investors :<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It helps the investors to make better decisions. A high credit rating means an assurance about the safety of the money and that it will be paid back with interest on time and principal amount on maturity.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"For_companiesissuers\"><\/span>For companies(issuers):<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>For borrowing companies (issuers), credit rating works as a tool to convince investors. It facilitates the capital raising and saves time.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Top_Credit_Rating_Agencies_in_India\"><\/span><strong>Top Credit Rating Agencies in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Moodys\"><\/span>Moody&#8217;s:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Moody&#8217;s was founded in the year1909 by John Moody is headquartered in Newyork. Later in 1962, it was acquired by Dun and Bradstreet.<span style=\"font-weight: 400;\">Moody\u2019s assigns ratings to companies and countries.<\/span> Moodys rate the commercial and public debt securities that include corporate bonds, money market funds, fixed-income funds, and hedge funds. <span style=\"font-weight: 400;\">Their rating ranges from Aaa to C. Aaa to Baa3 ratings are given to investment-grade bonds and Ba1 to C ratings are given to junk bonds. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fitch\"><\/span>Fitch:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>John Knowles Fitch founded Fitch rating in 1914.It is headquartered in Newyork. <span style=\"font-weight: 400;\">Fitch rate countries by evaluating their financial and political conditions. <\/span><span style=\"font-weight: 400;\">Ratings from Fitch range from AAA to D. AAA to BBB ratings are given to investment-grade bonds and BB to D ratings are given to riskier bonds. <\/span>\u00a0FIMALAC acquired it in 1997. The fact to be noted here is Fitch delivered risk management software to IBM.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Standard_and_Poors\"><\/span>Standard and Poor&#8217;s:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Standard and Poor&#8217;s is one of the three largest CRAs in the world. Its a subsidiary of S&amp;P Global. S&amp;P Global was founded in 1860 headquartered in Newyork. <span style=\"font-weight: 400;\">Its ratings range between AAA and D. AAA to BBB ratings indicate safety and BB+ to D ratings are given to riskier bonds. <\/span><\/p>\n<hr \/>\n<h3 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"What_is_the_bond_market_and_how_does_it_work\"><\/span><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/understanding-the-basics-of-the-bond-market\">What is the bond market, and how does it work?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"CRISIL\"><\/span>CRISIL:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>CRISIL was incorporated in 1987. CRISIL happens to be the first credit rating agency in the country. It is a subsidiary of S &amp; P Global. <span style=\"font-weight: 400;\">Crisil has two categories of securities: Long term and short-term. Long-term securities ratings range from AAA to D and short-term securities ratings range from A1 to D. <\/span>It offers eight types of credit rating, which are as follows:<br \/>\nAAA, AA,\u00a0 and A ratings indicate a higher level of safety.<br \/>\nBBB and BB ratings indicate medium safety.<br \/>\nB, C, and D ratings indicate a lower level of safety.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"ICRA\"><\/span>ICRA:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>ICRA was established in 1991. ICRA is headquartered in Mumbai.<span style=\"font-weight: 400;\">ICRA is owned by Moody\u2019s. ICRA\u2019s rating scale starts from AAA\u00a0 and ends with D. Ratings AAA to A ratings indicate higher safety, BBB to B indicate moderate safety, and C and D ratings are given to riskier securities. <\/span> . The rating services of ICRA are:<\/p>\n<ul>\n<li>Bank Loan Rating<\/li>\n<li>Public Finance Rating<\/li>\n<li>Corporate Governance Rating<\/li>\n<li>Infrastructure Sector Rating<\/li>\n<li>Insurance Sector Rating<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"CARE\"><\/span>CARE:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Credit Analysis and Research Limited (CARE) has been functioning since 1993. Its rating scale includes two categories \u2013 long term debt instruments and short term debt ratings. <span style=\"font-weight: 400;\">AAA to A rated instruments are safe, BBB and BB rated instruments are moderately safe and B to D rated instruments are riskier. <\/span><\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"CRAs_study_the_overall_economic_condition_of_different_countries_They_consider_political_stability_capital_market_transparency_foreign_currency_reserves_and_investments_CRAs_prepare_reports_on_the_governments_general_creditworthiness_and_give_credit_ratings_called_a_sovereign_credit_rating\"><\/span><strong><span style=\"color: #003366;\">CRAs study the overall economic condition of different countries. They consider political stability, capital market transparency, foreign currency reserves, and investments. CRAs prepare reports on the government&#8217;s general creditworthiness and give credit ratings called a sovereign credit rating.<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>The credit rating agencies in India are well-regulated by SEBI Credit Rating Agencies Regulations, 1999 of the Securities and Exchange Board of India Act, 1992. SEBI has a detailed framework of guidelines to control the operations of CRAs to protect investors&#8217; interests. Hence investors can rely on credit ratings and make investment decisions.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Fixed_Income_Securities_Bonds_FDs_PPF_Bond-ETF_which_one_to_choose\"><\/span><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/fixed-income-securities-bonds-fds-ppf-bond-etf-which-one-to-choose\">Fixed Income Securities: Bonds, FDs, PPF, &amp; Bond-ETF which one to choose?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"You_as_a_bond_investor_are_trying_to_know_what_Bond_Rating_is\"><\/span><strong>You, as a bond investor, are trying to know what Bond Rating is?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Credit rating is the rating given to the issuer, and whereas Bond-rating is the rating assigned to the Bond, i.e., the issue. Rating the issuer and rating the issue are like two faces of the same coin. In either case, the process and purpose remain the same. The same issuer may offer multiple issues; hence having a different rating system for the issuer, and each of the issues helps the issuer to make informed decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You must have heard the phrase &#8220;The Zero Moment of Truth.&#8221; Zero moment of truth is all about the research we do&hellip;<\/p>\n","protected":false},"author":4,"featured_media":2666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[24],"tags":[73,74,75],"class_list":["post-2642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bond-market","tag-credit-rating","tag-credit-rating-agencies","tag-bond-rating"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Credit Rating Agencies in India - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"Credit Rating Agencies study the debtor&#039;s credit history and predict the ability to pay back the bonds or other debt instruments.\" \/>\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\/essentials\/bond-market\/credit-rating-agencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Rating Agencies in India - GoldenPi | Blogs\" \/>\n<meta property=\"og:description\" content=\"Credit Rating Agencies study the debtor&#039;s credit history and predict the ability to pay back the bonds or other debt instruments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/credit-rating-agencies\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:author\" content=\"goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-20T11:31:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-15T15:58:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2020\/11\/20123908\/rsz_adobestock_21364848.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Abhijit Roy, CEO &amp; 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