Credit Rating and its Importance

Credit Rating and its Importance Page 1
MICRO Research Paper Presentation
On
Credit Rating and its Importance
By:
Prashanth Ravada
January 2020

Introduction
With the increasing market orientation of the Indian economy, Investors value a systematic
assessment of two types of risks, namely “Business Risk” arising out of open economy and
linkages between Money, Capital and Foreign Exchange Markets and “Payments Risk” arising
out of loss due to default on a contract / payment. With a view to protect small investors, who are
the main target for unlisted corporate debt in the form of fixed deposits with companies, credit
rating has been made mandatory.
India was perhaps the first amongst developing countries to set up a credit rating agency in 1988.
The function of credit rating was institutionalized when RBI made it mandatory for the issue of
Commercial Paper (CP) and subsequently by SEBI for certain categories of debentures and debt
instruments. In June 1994, RBI made it mandatory for Non-Banking Financial Companies
(NBFCs) to be rated. Credit rating is optional for Public Sector Undertakings (PSUs) bonds and
privately placed non-convertible debentures upto Rs. 50 million. Fixed deposits of
manufacturing companies also come under the purview of optional credit rating.
Origin of Credit Rating Agency (CRA)
Today, CRAs’ have arguably become the most important informational intermediaries in global
finance and it is estimated that there are 150 credit rating agencies world-wide. However, the
global credit rating market is dominated by three international credit rating agencies comprising
of
 Standard & Poor's Financial Services, subsidiary of The McGraw-Hill Companies (USA)
 Moody's Investors Service (New York) wholly-owned by Moody's Corporation
 Fitch Ratings (New York & London) a majority-owned subsidiary of Fimalac, S.A.
headquartered in Paris.
In India, CRISIL (Credit Rating and Information Services followed by ICRA Ltd. (formerly
known as Investment Information & Credit Rating Agency of India Ltd.) in 1991, and Credit
Analysis and Research Ltd. (CARE) in 1994. All the three agencies have been promoted by the
All-India Financial Institutions and regulated by both SEBI & RBI. Duff and Phelps has tied up
with two Indian NBFCs to set up Duff and Phelps Credit Rating India (P) Ltd. in 1996.
The first mercantile credit agency was set up in New York in
1841 to rate the ability of merchants to pay their financial
obligations. Later on, it was taken over by Robert Dun. This
agency published its first rating guide in 1859. The second agency
was established by John Bradstreet in 1849 which was later
merged with first agency to form Dun & Bradstreet in 1933,
which became the owner of Moody’s Investor’s Service in 1962.
How-ever, the first Credit Rating Agency was founded in 1909 by
John Moody, who used credit rating symbols in the rating
manuals he published about U.S. railroad bonds. His credit ratings
quickly gained acceptance among investors, and other credit
rating agencies were soon established.

What is Credit Rating?
A Credit Rating can be defined as an opinion of a Credit Rating Agency (CRA) as to the issuers
(i.e. borrower of money) capacity to meet its financial obligations to the depositor or bondholder
(i.e. lender of money) on a particular issue or type of instrument (i.e. a domestic or foreign
currency: short-term or medium or long-term, etc.) in a timely manner. In other words, the rating
measures the relative risk of issuers’ ability and willingness to repay both interest and principal
over the period of the rated instrument. To put it differently, rating signifies the default
probability of the instrument that is rated and moreover it is an opinion made available for
public, influencing decisions by participants in financial markets, through rating of the
Instrument.
Broadly speaking, ratings are divided by the CRAs into three levels, viz. Investment Grade, Non
Investment Grade and Default Grade. The Investment Grade is considered by CRAs to be a
significantly safer grade than the rest.
Each agency applies its own methodology in measuring creditworthiness and uses a specific
rating scale to publish its ratings opinions. Typically, ratings are expressed as letter grades that
range, for example, from ‘AAA’ to ‘D’ to communicate the agency’s opinion of relative level of
credit risk.
General Summary of the opinions reflected by Ratings across the Globe
Investment
Grade
AAA Extremely strong capacity to meet financial commitments.
AA Very strong capacity to meet financial commitments
A
Strong capacity to meet financial commitments, but somewhat
susceptible to adverse economic conditions and changes in
circumstances
BBB
Adequate capacity to meet financial commitments, but more subject to
adverse economic conditions
BBB- Considered lowest investment-grade by market participants
Speculative
Grade
BB+ Considered highest speculative-grade by market participants
BB
Less vulnerable in the near-term but faces major ongoing uncertainties
to adverse business, financial and economic conditions
B
More vulnerable to adverse business, financial and economic
conditions but currently has the capacity to meet financial
commitments
CCC
Currently vulnerable and dependent on favorable business, financial
and economic conditions to meet financial commitments
CC
Currently highly vulnerable to non-payment, and ultimate recovery is
expected to be lower than that of higher rated obligations
D
Payment default on a financial commitment or breach of an imputed
promise; also used when a bankruptcy petition has been filed or
similar action taken

Guiding Principles of Credit Rating
 Debt Repayment Environment (DRE): This is the first rating factor to consider as each
debtor conducts its economic activities under a Nation’s institutional environment and is
part of Nation’s political, legal and economic systems. Such analysis of the influence of a
Nation’s system on a debtor’s repayment capability links Institutional Credit Risk factors
(Macro) to a Debtor (Micro).The role of a DRE in rating is to analyze the impact of a
nation’s superstructure and economic base on a debtor’s wealth creation capability and
sources of repayment.
 Wealth Creation Capability (WCC): Profitability, which is closely related to wealth
creation, is the source for debt repayment by any debtor and hence the basis for any
creditors’ lending decisions is directly proportional to the debtors ability to generate
profitable business of the borrowed capital along with sustain of regular cash flows to pay
the debt interest. WCC as the key criteria for assessing the solvency of any debtor can
truly reveal the credit risks, and is determined in the four scenarios of a debtor’s such as
1. Ability by measured of EBITDA to fully pay debt interest and (assumed)
amortized principal,
2. Ability to partially pay assumed amortized debt interest and principal,
3. Ability to pay debt interest only and
4. Inability to pay even debt interest.
 Repayment Capability: Is a key rating factor as forms the base for Creditors lending
decisions to debtors as they are most concerned about debtors’ repayment capabilities for
(a) the maximum debt that the debtor can borrow (maximum debt), (b) the debtor’s
current outstanding debt (outstanding debt), and (c) the incremental debt that the debtor
can borrow (i.e. the difference between a and b, or incremental debt). Answers to these
debtors’ repayment capabilities will determine whether any credit relationship can be
established, and if is stable. Repayment capability, through the risk adjustment of the
degree of deviation of the available repayment source, aims to define the degree of
protection that available repayment source can provide to serving a particular debt in a
given period of time.
 Simulation Test: In reality, the debtor’s underlying credit risk factors can have different
correlation to each other, and it’s difficult to predict how all these underlying factors with
different correlation will impact the credit ratings. Hence it is crucial to run stimulation
tests under different scenarios to test how the debtor’s repayment strength, and hence the
credit rating, will be impacted.
 Repayment Source: The role of repayment source in
rating is to estimate the total amount of cash that is
available for repaying debts and the degree of deviation
between each repayment source and a debtor’s wealth
creation capability, thus facilitating the assessment of its
repayment capability. The key elements in analyzing
repayment sources include primary repayment sources,
cash outflow, and available repayment sources.

2. Provides quality and dependable information: A CRA is in a position to provide quality
information on credit risk which is more authenticated and reliable because:
 It has highly trained and professional staff that has better ability to assess risk.
 It has access to a lot of information which may not be publicly available.
3. Provides information at low cost: Most of the investors rely on the ratings assigned by the
ratings agencies while taking investment decisions. These ratings are published in the form of
reports and are available easily on the payment of negligible price. It is not possible for the
investors to assess the creditworthiness of the companies on their own.
4. Provide easy to understand information: Rating agencies first of all gather information, and
then analyze the same. At last these interpret and summarize complex information in a simple
and readily understood formal manner. Thus in other words, information supplied by rating
agencies can be easily understood by the investors. They need not go into
details of the financial statements.
5. Provide basis for investment: An investment rated by a credit rating enjoys higher
confidence from investors. Investors can make an estimate of the risk and return associated with
a particular rated issue while investing money in them.
6. Healthy discipline on corporate borrowers: Higher credit rating to any credit investment
enhances corporate image and builds up goodwill and hence it induces a healthy/ discipline on
corporate.
7. Formation of public policy: Once the debt securities are rated professionally, it would be
easier to formulate public policy guidelines as to the eligibility of securities to be included in
different kinds of institutional port-folio.
Functions of a Credit Rating Agency (CRA)
1. Provides unbiased opinion: An independent CRA is likely to
provide an unbiased opinion as to relative capability of the
company to service debt obligations as it has no vested interest in
an issue unlike brokers, financial intermediaries and as its own
reputation is at stake.

Rating may be carried out by the rating agencies in respect of the following Financial
Instruments.
i. Equity & Preference shares issued by a company.
ii. Bonds/debentures issued by corporate, government etc.
iii. Commercial papers issued by manufacturing companies, finance companies, banks and
financial institutions for raising short term loans.
iv. Fixed deposits raised for medium-term ranking as unsecured borrowings.
v. Borrowers who have borrowed money.
vi. Asset backed securities are assessed to determine the risk associated with them. The
objective is to determine quantum of cash flows emerging from the asset that would be
sufficient to meet committed payments.
vii. Individuals.
Rating Other than Debt Instruments
Credit Rating has been extended to all those activities where uncertainty and risk is involved.
Now-a-days credit rating is not just limited to debts instruments but also covers the following:
I. Country Rating: A country may be rated whenever a loan is to be extended or some major
investment is to be made in it by international investors to determine the safety and security of
their investments. A number of factors such as growth rate, industrial and agricultural
production, government policies, inflation, fiscal deficit etc. are taken into consideration to arrive
at such rating. Any upgrade movement in such—ratings has a positive impact on the stock
markets. Morgan Stanlay, Moody’s etc. give country ratings.
II. Rating of Real Estate Builders and Developers: CRISIL has started assigning rating to the
builders and developers with the objective of helping and guiding prospective real estate buyers.
CRISIL thoroughly scrutinizes the sale deed papers, sanctioned plan, lawyers’ report government
clearance certificates before assigning rating to the builder or developer. Past experience of the
builder, number of properties built by the builder, financial strength, and time taken for
completion are some of the factors taken into consideration by the CRISIL before giving a final
rating to the real estate builder/ developer.
III. Chit Funds: Chit funds registered as a company are sometimes rated on their ability to
make timely payment of prize money to subscribers. The rating helps the chit funds in better
marketing of their fund and in widening of the subscribers base. This service is provided by
CRISIL.

IV. Rating of States: States of India have also approached rating agencies for rating. Rating
helps the State to attract investors both from India and abroad to make investments. Investors
find safety of their funds while investing in a state with good rating. Foreign companies also
come forward and set up projects in such states with positive rating. Rating agencies take into
account various economic parameters such as industrial and agricultural growth of the State,
availability of raw material, labor etc. and political parties’ agenda with respect to industry, labor
etc., relation between Centre and State and freedom enjoyed by the states in taking decisions
while assigning final rating to the states. States like Maharashtra, Madhya Pradesh, Tamil Nadu,
Andhra Pradesh and Kerala have already been rated by CRISIL.
V. Rating of Banks: CRISIL engaged in rating of banks in India based on the following six
parameters also called CRAMEL.
 C - Capital Adequacy of banks. A bank needs to maintain at least 10 % capital against
risky assets of the bank.
 R - Resource-raising ability. Analyses the resource position of the Bank/FI in terms of its
ability to maintain a low-cost, stable resources based on
 A - Asset Quality. The loan is examined to determine non-performing assets. An
asset/loan is considered non-performing asset where either interest or principal is unpaid
for two quarters or more. Ratios like NPA to Net Advances, Adequacy of Provision &
Debt Service Coverage Ratio are also calculated to know exact picture of quality of asset
of a bank.
 M - Management and System Evaluation. Here, the efficiency and effectiveness of
management in framing plans and policies is examined. Existing systems are studied in
detail to determine their adequacy and efficacy.
 E - Earnings potential - Ratios like RO!, Return on Capital Employed (ROC E), Return
on Assets (ROA) are calculated to comment upon bank’s efficiency to utilize the assets.
 L - Liquidity position. Liquid and current ratios are determined to find out banks ability
to meet its short-term claims.
Ratings vary from A to D. Where A denotes financial, managerial and operational soundness of a
bank, and D denotes that bank is in financial crisis and lacks managerial expertise and is facing
operational problems.
 Size of deposit base
 Diversity in deposit base and the geographical spread
 Deposit mix
 Growth in deposits
 Diversity of investor base
 Funding mix and cost of funds
 Retail penetration and tax benefits

Analysts suggest a target price of the stock giving signal to the investor to swing into action
whenever the stock hits that particular price. The following are some of the recommendations
made by the equity analysts for its investors:
i. Buy: It shows the stock is worth buying at its current price.
ii. Buy on Declines: This recommendation indicates stock is basically good but overpriced
now. The investor should go for buying whenever the price declines.
iii. Long-term Buy: This recommendation suggests that a stock should be bought and held
for a longer period at least a year in order to realize gains.
iv. Strong Buy: This buy recommendation strongly favors the purchase of a stock because
analysts expect a steep rise in the prices of stock from its current price.
v. Out-performer: This recommendation shows that whatever may be the mood of the
stock market the stock will perform better than the market.
vi. Overweight: This refers to that investor can increase the quantum or weight of that stock
in his portfolio. This recommendation is applicable to those investors who keep number
of stocks in their portfolio.
vii. Hold: This recommendation is a suggestion to the investor to exit because stock prices
are not likely to be appreciated significantly from the current price level.
viii. Sell/Dispose/Sub-Standard/Under-weight: It indicates to the investor to sell/dispose off
or decrease the weight of stock from its portfolio because stock is fundamentally
overvalued at its current level and the investor’ should exit from it immediately.
VI. Rating (Recommendation) for Equities: CRA study
thoroughly the trend of sales, operating profits and other
variables and make a forecast of the earning capacity and
profitability position of a company. They use financial
statement analysis tools like ratio analysis, trend analysis, fund
flow analysis and cash flow analysis to comment upon
company’s liquidity, solvency, profitability and overall
efficiency position.

Key benefits of Credit Rating Agencies
At Consumer Level, the agency’s ratings are used by banks to
determine the risk premium to be charged on loans and bonds. A
poor credit rating shows that the loan has a higher risk premium,
and this prompts an increase in the interest charged to
individuals and entities with a low credit rating. A good credit
rating allows borrowers to easily borrow money from the public
debt market or financial institutions at a lower interest rate.
At Corporate Level, companies planning to issue a security must
find a rating agency to rate their debt. Rating agencies perform the
rating service for a fee. Investors rely on the ratings to decide on
whether to buy or not to buy a company’s securities. Although
investors can also rely on the ratings given by Financial
Intermediaries comprising of Commercial Banks, Investment
Banks, Mutual and Pension Funds, Underwriters etc.. Ratings
provided by CRAs’ are considered more reliable and accurate
since they can access more information, which is not publicly
available.
At Country level, Investors rely on the ratings given by the
credit rating agencies to make investment decisions. Many
countries sell their securities in the International Market, and a
good credit rating can help them access high-value investors. A
favorable rating may also attract other forms of investments like
foreign direct investments to a country. In addition, a low credit
rating or relegation of a country from a high rating to a low
rating can discourage investors from purchasing the bonds or
making direct investments in the country. For example, the
downgrading of Greece, Portugal, and Ireland by S&P in 2010
worsened the European sovereign debt crisis.
At Financial Market level, rating agencies provide risk
measures for various entities, and this allows investors to
understand the credit risk of various borrowers. Institutions
and government entities can access credit facilities without
having to go through lengthy evaluations by each lender. The
ratings provided by rating agencies also serve as a benchmark
for financial market regulations. Some laws now require
certain public institutions to hold investment grade bonds,
which have a rating of BBB or higher.

Given the systemic superstructure position that the CRAs have come to occupy as information
and insight gate keepers, they play an important role in the Modern Capital Markets. Their
importance to various stakeholders is as follows.
A. Benefits to Investors
 Safety of Investments. As rating gives an idea in advance about the degree of financial
strength of the issuer company and accordingly the investment decision. Highly rated
issue gives an assurance to the investors of safety of Investments and minimizes his risk.
 Recognition of Risk and Returns. Credit rating symbols indicate both the returns
expected and the risk attached to a particular issue and it becomes easier for the investor
to understand the worth of the issuer company just by looking at the symbol because the
issue is backed by the financial strength of the company.
 Freedom of Investment decisions. As it is mandatory to rate debt obligations for every
issuer company at any particular time with wide range of credit rated instruments with
rating symbols attached signifying the creditworthiness of the investment indicating the
degree of risk involved.. are available for making investment with extended choice to
individuals to invest with owns ability and bear risk.
 Dependable credibility of Issuer. Absence of any link between the rater and rated firm
ensures dependable credibility of issuer and attracts investors. As rating agency has no
vested interest in issue to be rated, and has no business connections or links with the
Board of Directors. In other words, it operates independent of the issuer company; the
rating given by it is always accepted by the investors.
 Easy understanding of Investment proposals. Investors require no analytical
knowledge on their part about the issuer company. Depending upon rating symbols
assigned by the rating agencies they can proceed with decisions to make investment in
any particular rated security of a Company.
 Relief from botheration to know company. Credit agencies
relieve investors from botheration of knowing the details of the
company, its history, nature of business, financial position,
liquidity and profitability position, composition of management
staff and Board of Directors etc. Credit rating by professional and
specialized analysts reposes confidence in investors to rely upon
the credit symbols for taking investment decisions.
 Advantages of continuous monitoring. Credit
rating agencies not only assign rating symbols but
also continuously monitor them. The Rating
agency downgrades or upgrades the rating symbols
following the decline or improvement in the
financial position respectively.

B. Benefits of Rating to the Company
 Easy to raise resources. A company with highly rated instrument finds it easy to raise
resources from the public. Even though investors in different sections of the society
understand the degree of risk and uncertainty attached to a particular security but they
still get attracted towards the highly rated instruments.
 Reduced cost of borrowing and public issues. Investors always like to make
investments in such instrument, which ensure safety and easy liquidity rather than high
rate of return. A company can reduce the cost of borrowings by quoting lesser interest on
those fixed deposits or debentures or bonds, which are highly rated along with cost
minimization expense on press and publicity and there by promote best pricing and
timing issues.
 Rating builds up image. Companies with highly rated instrument enjoy better goodwill
and corporate image in the eyes of customers, shareholders, investors and creditors.
Customers feel confident of the quality of goods manufactured, shareholders are sure of
high returns, investors feel secured of their investments and creditors are assured of
timely payments of interest and principal.
 Rating facilitates growth and recognition. Rating motivates the promoters to undertake
expansion of their operations or diversify their production activities thus leading to the
growth of the company in future. As highly rated companies find it easy to raise funds
from public through new issues or through credit from banks and FIs to finance their
expansion activities, it also provides recognition provides recognition to relatively
unknown companies going for public issues through wide investor base.
C. Benefits to Intermediaries
 Intermediary Merchant bankers, underwriters and other intermediaries will find ratings
valuable in the planning, pricing and placement of their clients’ debt securities. Ratings
facilitate the placement of debt issues to a wide investor base. The existence of a pool of
rated debt securities may help to create a risk-based price structure in the market which
would enhance the merchant bankers’ ability to price a debt issue of a given credit quality
and allowing intermediaries to monitor the risk and pricing of debt securities that are held
in their own portfolios.

Limitations of Credit Ratings
1. Rating is specific to the issue or debt or instrument that is rated. A rating is neither a
general purpose evaluation nor overall assessment of credit risk associated in all debts
contracted by an issuer.
2. It is not a recommendation to buy, hold or sell. It is an opinion, and perhaps well-
informed opinion.
3. They are not predictors of default but opinions about the relative probability of default
and loss. Thus, the difference between the highest rated instrument and another rated a
lower is that the probability of default of interest, and principal in the case of the former
is lower than that of the latter.
4. Ratings are not guarantees against losses. Under no conditions do they or can they predict
losses due to shocks or highly unexpected situations.
5. Credit ratings relate only to credit and thus, for example have no relationship to risk
preferences of investors or attractiveness of equity. Hence, the perceptions of different
stakeholder’s viz., Creditors, Lenders, Shareholders, etc. in responding to ratings could
be different.
Importance of CRA for Developing Countries
Credit rating agencies are incredibly important for developing countries for a number of reasons.
1. These act as a kind of moral suasion that compels developing countries to pursue more
prudent and sensible monetary and fiscal policies. Sovereign ratings serve as an incentive
for sound monetary and fiscal policies because performance on these policies forms an
integral part of the rating methodologies.
2. Favorable rating enables Govt’s and Companies to raise Capital in the International
Financial Markets through Institutional Investors in both the developed and developing
world who rely on rating agencies in making investment decisions basis of the fact, these
ratings provide an insight into the credit quality of an individual debt issue and the
relative likelihood that the issuer may default. Furthermore, Credit rating agencies
provide an opinion about the credit quality of borrowers such as Governments,
Corporates, Financial Institutions, and their related debt instruments such as bonds.

Summary
Credit rating is a professional judgment about the likelihood that someone or organization will
fulfill their financial obligation as at when due. Through credit rating, the likelihood of debt
payment is reflected in standings on the assessment of individual and corporate creditworthiness.
Credit rating focuses, in the case of banking, on establishing the ability of borrowers to pay back
loans. In trading securities, it serves as a means for assessing the capacity of issuers of securities
to redeem their securities on due dates. In both cases, the underlying need for credit rating is to
mitigate the risk of default by the borrower or issuer.
Enactment of Basel II in 2004, gave fresh impetus to the conduct of credit rating as an integral
part of the regulatory framework for Credit Risk Management. Under Basel II Accord, credit
rating is influential and applied in risk-weighting assets of banks to determine their regulatory
capital requirements. The Accord specifies two sets of credit rating options that should make
input into credit risk capital charges of the banks. Emphasis is on how credit ratings may be used
to determine risk-weights of assets in the first place. Then how the risk-weights may be used to
calculate regulatory capital requirements equally gained attention.
Thus credit ratings have an indirect effect on regulatory capital requirements. It influences the
minimum amount of capital that a bank should maintain as reserves for the risk assets it books.
Pillar 1 of the Basel II Accord outlines and approves permissible types and methodologies of
credit ratings that banks and regulators can use for the calculation of minimum capital
requirements i.e., 1.) Standardized Approaches(SA), 2.)Internal Ratings Based (IRB) approaches.
In the recent past of defaults by highly rated entities has adversely impacted debt holders and
also eroded the reputation of CRAs. There have been some appalling cases where highly rated
bonds were suddenly downgraded to D-grades only after the defaults began, indicating
something seriously amiss in the CRAs’ surveillance processes. As Credit Ratings are driven
mainly by directives from the Basel III based regulations, rather than customer need, which is a
primary cause of the repeated failures of the CRAs Worldwide.
CRA regulation, in this context, needs to be reviewed. It’s a tall task to
expect CRAs’ basic regulatory structure to be changed from the current
‘Regulator-Driven’ To ‘Market-Driven’ framework as they discharge a
critical role in the financial markets addressing information asymmetry
between Investors and Issuers while ensuring that credit decisions are
based on a comprehensive review of risks. Regulation allows CRAs
differential access to confidential information about issuers, so that
investors can get a true picture of the credit risks without
compromising the confidentiality of the information and in a cost
effective manner.
Regulation governing CRAs needs continual review to ensure that the
conflicting requirements of market forces, sound analytical judgment,
and the viability of rating business are always in balance.

 Guide to Credit Rating Essentials – Standard & Poor’s Rating Services
 Credit rating agencies and their potential impact on Developing Countries – United
Nations Conference on Trade and Development - Discussion Papers 2008
 Report of the Committee on Comprehensive Regulation for Credit Rating Agencies –
Ministry of Finance – Capital Markets Division.
 CRISIL - Rating criteria for banks and financial institutions. February-2019
 Credit Rating : Changing Perspectives ((Dr.Y.V.Reddy at OU Arts College Seminar Hall,
Hyderabad on April 8, 2000)
 Basel Committee on Banking Supervision (2000). Credit Ratings and Complementary
Sources of Credit Quality Information, Basel Committee on Banking Supervision
Working Papers
 Basel II: The Revised Framework of June 2004, UNCTAD Discussion Paper no.178,
April.
 The Role of Rating Agency Assessments in Less Developed Countries: Impact of the
Proposed Basel Guidelines, University of Bari.
Web sites
 www.rbi.org.in
 www.sebi.gov.in
 www.bis.org
 www.pondiuni.edu.in
 www.UnderstandingRatings.com
 www.standardandpoors.com
 www.RatingsDirect.com
 www.globalcreditportal.com
 www.crisil.com
 www.thehindubusinessline.com
 www.economictimes.indiatimes.com
 www.pwc.com
 www2.deloitte.com
 https://sg.inflibnet.ac.in/
References

Credit Rating and its Importance

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to Credit Rating and its Importance

Similar to Credit Rating and its Importance (20)

More from Prashanth Ravada

More from Prashanth Ravada (6)

Recently uploaded

Recently uploaded (20)

Credit Rating and its Importance