Top 7 Credit Rating Agencies In India

Credit Rating Agencies (CRAs) play a crucial role in evaluating, calculating, and assigning credit ratings to companies, organisations, and enterprises. Through in-depth analysis of financial instruments, CRAs assist lenders and investors in assessing the potential risk associated with lending money to a specific borrower. These agencies provide valuable insights into the risk levels of investing in debt instruments. Credit Rating Agencies employ rating scales ranging from ‘AAA’ to ‘D,’ where ‘AAA’ represents the highest rating and ‘D’ indicates the lowest or unfavourable credit rating. Similarly, credit bureaus calculate credit scores within a range of 300 to 900, allowing individuals to gauge their creditworthiness. 

1. Credit Rating Information Services of India Ltd. (CRISIL)

Established in 1987, CRISIL Ratings Limited, a subsidiary of CRISIL Limited and part of the esteemed S&P Global group, is a comprehensive credit rating agency catering to the needs of investors, lenders, issuers, market intermediaries, and regulatory bodies. With its extensive coverage of banks, NBFCs, PSUs, manufacturing companies, financial institutions, state governments, and urban local bodies, CRISIL offers a range of services to assess the creditworthiness of commercial entities. By evaluating factors such as strengths, market reputation, and market share, CRISIL aids investors in making well-informed investment choices by providing reliable credit ratings for companies, organisations, and banks.

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2. Credit Analysis and Research (CARE) Ltd.

Founded in 1993, CARE (Credit Analysis and Research Limited) is a seasoned credit rating agency that encompasses diverse market sectors, including infrastructure, manufacturing, and the financial sector, encompassing both banks and non-financial services. With expertise in evaluating various financial instruments such as developing bank debt, capital market instruments (such as CPs, corporate bonds, debentures), and structured credit, CARE provides comprehensive ratings to companies. These credit ratings enable investors to make well-informed decisions by assessing credit risk and aligning with their risk-return expectations. The operations of its wholly-owned subsidiaries, including CARE Advisory, Research & Training Ltd., and CARE Risk Solutions Pvt Ltd., are managed and executed by CareEdge Ratings.

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3. Investment Information and Credit Rating Agency of India (ICRA) Ltd.

ICRA Limited, formerly known as Investment Information and Credit Rating Agency of India Limited, is a reputable and independent investment information and credit rating agency. With its establishment in 1991, ICRA provides valuable guidance and information to both institutional and individual investors and creditors. The agency specialises in rating rupee-dominated debt instruments issued by commercial banks, NBFCs, PSUs, manufacturing companies, and municipalities. Using a transparent rating system, ICRA assigns comprehensive credit ratings to corporates, including specialised ratings such as corporate governance, mutual funds, structured finance, and performance ratings. Trust ICRA for reliable insights and credit assessments to support your investment decisions.

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4. Acuite Ratings & Research Ltd.

Acuité Ratings & Research Limited, formerly known as SMERA Ratings Limited, is a reputable credit rating agency registered with SEBI and accredited by RBI. The agency specializes in providing ratings to companies operating in the structured finance, corporate, and financial sectors. While previously offering a wide range of products and services including Bank Loan Ratings, SME Ratings, Bond Ratings, and CP Ratings, Acuité now focuses primarily on Bond & Bank Loan Ratings, Economic Analysis, and Financial Research services. Acuité caters predominantly to small-sized private corporates and public sector organizations such as the Nuclear Power Corporation, as well as renowned companies in the financial sector. With expertise in various sectors including banking, telecom, IT & ITes, steel, aviation, oil and gas, and retail, Acuité offers comprehensive credit rating services to meet the diverse needs of its clients. Trust Acuité for reliable and insightful credit assessments to support your financial decision-making process.

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5. Brickwork Ratings India Private Ltd.

Brickwork Ratings (BWR) is an accredited and SEBI registered Credit Rating Agency that provides comprehensive rating services for a variety of financial instruments, including Bank Loans, Fixed Deposits, Non-convertible debentures (NCD), Commercial Paper, Securitized paper, and Security receipts. Serving banks, financial institutions, large corporate clients, as well as state and local governments, BWR offers an extensive range of rating solutions tailored to the needs of the Corporate, Financial, Infrastructure, and Insurance Sectors. With expertise in assessing Capital Market Instruments and Bank Loans, BWR caters to a diverse client base, including PSUs, State Governments, Municipal and Urban Local Bodies, among others. Trust BWR for reliable credit ratings that support your investment decisions and risk management strategies.

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6. INFOMERICS Valuation and Rating Private Ltd.

INFOMERICS Valuation and Rating Private Limited is a reputable and accredited Credit Rating Agency registered with SEBI and accredited by RBI. With a focus on providing in-depth analysis and evaluation of creditworthiness, INFOMERICS offers comprehensive ratings for Banks, NBFCs, Large Corporates, and Small and Medium Scale Units (SMUs). 

The agency specialises in credit rating services for various money market and capital market instruments, including Non-Convertible Debentures, Commercial Papers, Tier I & Tier II Bonds, Perpetual Bonds, Structured Obligations, and Securitization Transactions. INFOMERICS also extends its expertise to rating Mutual Funds and Alternative Investment Fund schemes. Additionally, the agency offers grading services such as Corporate Governance rating, as well as Grading of Construction entities, Engineering & Management institutions, and Initial Public Offerings (IPOs). Trust INFOMERICS for comprehensive credit evaluations and valuable ratings across diverse sectors.

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7. India Ratings and Research Pvt. Ltd

India Ratings and Research (Ind-Ra), a fully owned subsidiary of the esteemed Fitch Group, stands as a prominent credit rating agency acknowledged by SEBI and accredited by RBI. Ind-Ra offers comprehensive credit rating services to various entities including banks, insurance companies, corporate issuers, finance and leasing companies, urban local bodies, managed funds, structured finance, and project finance companies. With its headquarters situated in Mumbai, the agency operates through a network of seven branch offices across India, encompassing Delhi, Chennai, Kolkata, Ahmedabad, Bengaluru, Hyderabad, and Pune. Trust Ind-Ra for reliable and insightful credit ratings to support your financial decision-making process.

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