Credit Rating Agencies in India

1. CREDIT RATING
AGENCIES IN INDIA

2. CREDIT RATING
AGENCY
Work they do
•Assess creditworthiness of organization and different entities
Regulate by
•SEBI (Credit Rating Agencies) Regulations, 1999 of the Securities
and Exchange Board of India Act, 1992
Credit Agencies
•Total of seven credit agencies in India
•CRISIL, CARE, ICRA, SMERA, Brickwork Analytics, India Rating and
Research Pvt. Ltd and Infomerics Valuation and Rating Private
Limited.

3. CREDIT RATING
INFORMATION
SERVICES OF
INDIA LIMITED
(CRISIL)
• Oldest rating agencies in India, launched in 1987
following company went public in 1993.
• Headquartered in Mumbai, India
• Subsidiary of S&P Global (Acquired in April 2005)
• Founded by ICICI and UTI jointly with share capital
coming from SBI, LIC, and United India Insurance
Company.
• India's largest ratings company and as of March 2022,
has market cap of ₹23,429 crore rupees.
• Currently, S&P Global is the major stakeholder of
CRISIL with a stake of 56.5%
• Services offered
• Credit Rating Services
• Advisory Services
• Research and Information Services

4. CREDIT RATING
INFORMATION
SERVICES OF
INDIA LIMITED
(CRISIL)
• CRISIL Debenture Rating Symbols
• CRISIL Fixed Deposit Rating Symbol
Symbol Safety Level
AAA Highest Safety
AA High Safety
A Adequate
BBB Moderate
BB Inadequate
B High Risk
C Substantial Risk
D Default
Symbol Safety Level
F AAA Highest Safety
F AA High Safety
F A Adequate
F B Inadequate
F C High Risk
F D Default

5. ICRA LTD
• Formerly known as Investment Information and Credit Rating
Agency of India Ltd
• Promoted by IFCI, SBI, UTI, LIC, GIC, HDFC, UCO
• Setup in 1991
• Moody’s Investors Service is parent company and indirect
largest shareholder of ICRA
• ICRA and its subsidiaries together form the ICRA Group of
Companies (Group ICRA). ICRA is a Public Limited Company,
with its shares listed on the Bombay Stock Exchange and the
National Stock Exchange.
• Services rendered
• Rating Service
• Information Service
• Advisory Service

6. ICRA LTD
• ICRA Long Term Debt Instrument Rating Symbol
• ICRA Medium Term Instruments (Including Fixed Deposit &
Certificate of Deposit)
Symbol Safety Level
L AAA Highest Safety
L AA High Safety
L A Adequate
L BBB Moderate
L BB Inadequate
L B Risk Prone
L C Substantial Risk
L D Default
Symbol Safety Level
M AAA Highest Safety
M AA High Safety
M A Adequate
M B Inadequate
M C Risk Prone
M D Default

7. CARE EDGE
RATINGS
(CARE RATINGS LTD)
• Credit Analysis and Research ltd
• Incorporated in 1993
• Headquartered in Mumbai, India
• CareEdge Ratings' (CARE Ratings Ltd.) wholly-owned
subsidiaries include CARE Advisory, Research &
Training Ltd. and CARE Risk Solutions Pvt Ltd.
• In the global arena CARE Ratings Ltd. is a partner in
ARC Ratings, an international credit rating agency.
• Services offered
• Rating Services
• Credit Reports
• Valuations
• Credit Appraisal
• Reviewing Debt Market

8. CARE EDGE
RATINGS
(CARE RATINGS LTD)
• CARE Long Term and Medium Term Instrument Rating
Symbols
• CARE Short Term Instrument Ratings Symbol
Symbol Safety Level
CARE AAA Highest Safety
CARE AA High Safety
CARE A Adequate Safety
CARE BBB Moderate Safety
CARE BB Inadequate Safety
CARE B Susceptible to Default
CARE C High Investment Risk
CARE D Default or Likely to be in Default
Symbol Safety Level
PR 1 Highest Safety
PR 2 High Safety
PR 3 Adequate Safety
PR 4 Inadequate Safety
PR 6 Default or Likely to be in Default

9. SMERA
• Known as the ‘SME Rating Agency’
• Founded in 2005
• Headquartered in Mumbai, India
• Provides credit rating of primarily of Small and
Medium Sized Enterprises.
• It provide ratings which enables MSME, SME’s,
Corporates to raise bank loans at competitive rate of
Interest
• Initially an initiative of the Ministry of Finance, Govt. of
India and the Reserve Bank of India
• SMERA is now a subsidiary of Acuité Ratings &
Research Limited. Acuité, a joint initiative of Small
Industries Development Bank of India (SIDBI), Dun &
Bradstreet Information Services India Private Limited
(D&B) and leading public and private sector banks in
India

10. BRICKWORK
ANALYTICS
• Incorporated in 2007
• Based in Bengaluru, Karnataka
• Accredited by RBI and empanelled by NSIC
• 100% Subsidiary of Brickworks Ratings India Ltd
• Provide rating services from companies to Corporate
governance ratings, FD ratings etc.
• Services provided in
• risk management,
• research,
• analytics,
• investment management,
• infrastructure advisory and
• skill development.

11. INDIA RATING
AND RESEARCH
PVT. LTD
(IND-RA)
• Headquartered in Mumbai, India
• 100% owned subsidiary of Fitch Group
• First private sector credit rating agencies in India
• Joint ventured between Duffs & Phelps and Alliance
Group
• Rating symbol used by INR-RA are same as CRISIL
• maintains coverage of corporate issuers, financial
institutions (including banks and insurance
companies), finance and leasing companies, managed
funds, urban local bodies, and structured finance and
project finance companies.
• Also rates India’s Forex Debt Obligations

12. INFOMERICS
VALUATION AND
RATING PRIVATE
LIMITED
• Registered office at New Delhi, India
• Incorporated on 23rd June 1986
• To mitigate human error, ratings are generated by
software developed Inhouse in sync with Artificial
Intelligence Analysis
• Accredited by RBI
• Rating symbol used by INR-RA are same as CRISIL
• evaluation of credit worthiness of
• Banks,
• NBFCs,
• Large Corporates and
• Small and Medium Scale Units (SMUs)

13. THANK YOU
Prepared by –
Gurpreet Singh
Contact Details –
Gurpreet.s@outlook.in
https://www.linkedin.com/in/gurpreet0
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