Credit Rating Agency (CRA) assesses, calculates and assigns the credit ratings to companies, organizations and enterprises. It performs a detailed analysis of financial instruments of various entities. CRAs help lenders and investors determine the potential risk involved in lending money to a particular borrowing entity. It depicts the risk involved with investing in debt instruments. The rating scales used by the Credit Rating Agencies are usually from ‘AAA’ to ‘D’, wherein ‘AAA’ stands for highest ratings and ‘D’ as lowest or Bad Credit Rating. Similarly, as credit score range calculated by credit bureaus is from 300-900.

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Top 7 Credit Rating Agencies in India
Below mentioned are details and role of credit rating agencies in India:
1. Credit Rating Information Services of India Ltd. (CRISIL)
Incorporated in 1987, CRISIL Ratings Limited (A subsidiary of CRISIL Limited, an S&P Global company) is a full-service credit rating agency that serves investors, lenders, issuers, and market intermediaries and regulators by covering banks, NBFCs, PSUs, manufacturing companies, financial institutions, state governments, urban local bodies, etc. Credit Rating Information Services of India Limited (CRISIL) evaluates the creditworthiness of commercial entities based on their strengths, market reputation and market share. The credit rating agency helps investors make informed investment decisions by providing credit ratings for companies, organisations and banks. CRISIL generates and provides various ratings services, such as Independent Credit Evaluation, Corporate and financial Sector ratings, Fund Ratings, Recovery Risk Ratings, Expected Loss (EL) Ratings, etc. It also offers services related to Structured Finance and Insurance Hybrids. The rating generated by the agency ranges from AAA to D, wherein AAA is the highest or creditworthy and D being the lowest or even defaulted.
CRISIL’s Registered Address and Contact Details:
CRISIL Limited, CRISIL House, Central Avenue,
Hiranandani Business Park, Powai
Mumbai – 400076
Tel: + 91 (22) 33423000
Fax: + 91 (22) 33423810
Email: info@crisil.com
Customer Care: +1800 267 1301, crisilratingdesk@crisil.com
2. Investment Information and Credit Rating Agency of India (ICRA) Ltd.
ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) is an independent and professional investment Information and Credit Rating Agency. Formed in 1991, ICRA offers guidance and information to institutional and individual investors and creditors. It rates rupee-dominated debt instruments issue by commercial banks, NBFCs, PSUs, manufacturing companies and municipalities. The agency uses a transparent rating system to assign comprehensive credit ratings to corporates. It specialises in assigning corporate governance rating, mutual funds rating, structured finance rating, performance rating, etc.
ICRA’s Registered Office and Contact Details:
B-710, statesman House, 148, Barakhamba Road, New Delhi, 110001, Telephone No: +91-11-23357940

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3. Credit Analysis and Research (CARE) Ltd.
Established in 1993, Credit Analysis and Research Limited (CARE) is an experienced credit rating agency that covers various market sectors, including infrastructure, manufacturing, and financial sector, including banks and non-financial services. The agency provides ratings to companies related to developing bank debt and capital market instruments that include CPs, corporate bonds and debentures, and structured credit. Its credit ratings can be used by investors to make informed decisions on the basis of credit risk and risk-return expectations. CareEdge Ratings’ (CARE Ratings Ltd.) manages and operates its wholly owned subsidiaries, such as CARE Advisory, Research & Training Ltd. and CARE Risk Solutions Pvt Ltd.
Registered address:
4th Floor, Godrej Coliseum
Somaiya Hospital Road, Behind Everard Nagar
Off Eastern Express Highway, Sion (E), Mumbai 400 022
Email: care@careratings.com
4. Acuite Ratings & Research Ltd.
Acuité Ratings & Research Limited (Formerly known as SMERA Ratings Limited) is a SEBI registered and RBI accredited credit rating agency that offers ratings to companies serving structured finance, corporate and financial sectors. Its earlier range of products and services portfolio included Bank Loan Ratings, SME Ratings, Bond Ratings, CP Ratings, etc. However, currently the agency’s primary services include Bond & Bank Loan Ratings, Economic Analysis and Financial Research services. Largely, Acuité offers services to largely small-sized private corporates, and public sector organizations like Nuclear Power Corporation, and renowned companies in the financial sector. The agency offers credit rating services to companies serving various sectors, such as banking, telecom, IT & ITes, steel, aviation, oil and gas, retail, etc.
Registered & Corporate Office:
708, Lodha Supremus
Lodha iThink Techno Campus
Kanjurmarg (East)
Mumbai 400 042
Email: info@acuite.in
5. Brickwork Ratings India Private Ltd.
Brickwork Ratings (BWR) is a SEBI registered and RBI accredited Credit Rating Agency that offers rating services on Bank Loans, Fixed Deposits, Non-convertible debentures (NCD), Commercial Paper, Securitised paper, Security receipts, etc. The agency offers credit ratings for banks, financial institutions, large corporate customers, and state and local governments. BWR offers a wide range of rating services and products related to Capital Market Instruments and Bank Loans for the Corporate, Financial, Infrastructure and Insurance Sectors, PSUs, State Government, Municipal and Urban Local Bodies, etc.
Corporate Office and Contact Details:
3rd Floor, Raj Alkaa Park, 29/3 & 32/2 Kalena Agrahara, Bannerghatta Road, Bengaluru – 560 076
Phone : +91 80 4040 9940 / 4040 9999 | Mobile: +91 96118 05999

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6. India Ratings and Research Pvt. Ltd.
India Ratings and Research (Ind-Ra), a wholly owned subsidiary of the Fitch Group is one of the leading credit rating agencies recognized by SEBI and accredited by RBI. Ind-Ra offers credit rating services to banks, insurance companies, corporate issuers, finance and leasing companies, urban local bodies and managed funds, structured finance and project finance companies. With its Head office is Mumbai, the agency operates from its seven branch offices across India, including Delhi, Chennai, Kolkata, Ahmedabad, Bengaluru, Hyderabad and Pune.
Corporate Headquarters:
Wockhardt Towers, 4th Floor, West Wing
Bandra Kurla Complex, Bandra East
Mumbai 400 051
Tel: + 91 (022) 40001700
Fax: + 91 (022) 40001701
Email: infogrp@indiaratings.co.in
7. INFOMERICS Valuation and Rating Private Ltd.
Integrated Financial Omnibus Metrics Research of International Corporate Systems
INFOMERICS Valuation and Rating Private Limited is a SEBI registered and RBI accredited Credit Rating Agency that provides deep analysis and evaluation of creditworthiness and ratings of Banks, NBFCs, Large Corporates and Small and Medium Scale Units (SMUs). INFOMERICS offer credit rating services money market & capital market instruments and borrowing programmes, such as Non-Convertible Debentures, Commercial Papers, Tier I & Tier II Bonds, Perpetual Bonds, Structured Obligations (including Guarantee Backed Debt programme), and Securitisation Transactions. The agency also rates Mutual Funds and Alternative Investment Fund schemes. Its grading services include Corporate Governance rating, and Grading of Construction entities, Engineering & Management institutions, Initial Public Offerings (IPOs), etc.
Registered Office Address:
Flat No. 104/106/108 and 303, First Floor & 3rd Floor Golf Apartments, Sujan Singh Park, Maharishi Ramanna Marg, New Delhi – 110003, India
Phone: +91-11-41743541/ 41410244 / 24611910/ 24654796
Email: vma@infomerics.com , hrd@infomerics.com , info@infomerics.com

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How Do Credit Rating Agencies Work?
There are several factors that are taken into consideration by the CRAs or credit raters before assigning a rating to a particular entity, such as their financial statements, type and level of debt, lending and borrowing history, debt repayment ability, past credit repayment behaviour, etc. Along with the credit rating of an entity, various credit rating agencies in India also provide additional inputs to help lenders/ investors and financial institutions analyse and take informed lending/ investment decisions.
A good credit rating indicates higher creditworthiness and a lower risk of default for the lender and thus, may help an entity avail credit more easily and at considerable rates of interest. Credit ratings that are assigned to entities also serve as a benchmark for financial market regulations.
FAQs
Q. Who approves or regulates credit rating agencies in India?
Ans. In India, the Securities and Exchange Board of India (SEBI) is the primary authority that approves or regulates Credit Rating companies in India and their various functionalities.
Q. How is credit rating expressed/denoted?
Ans. Credit ratings are usually expressed using letters, such as AAA to D. Wherein AAA stands for the highest and D considered as the lowest.
Q. How can borrowers benefit from a good credit rating?
Ans. A good credit rating indicates consumer’s higher creditworthiness and lower risk of default for the lender/ investor and can thus help the borrowing entity access loans at low interest rates along with longer repayment tenure.
Q. What is the difference between credit rating and credit score?
Ans. Credit rating involves evaluating the creditworthiness of entities, usually governments and businesses, by Credit Rating Agencies (CRAs), such as CRISIL, ICRA, CARE, etc. Credit ratings are usually expressed as letter grades. Whereas, credit scores usually help determine the creditworthiness of individuals and are calculated on the basis of the credit history found in the credit report. Credit scores are computed by four major credit bureaus in India including TransUnion CIBIL, Equifax, Experian and CRIF High Mark. Credit score is a 3-digit number ranging between 300 to 900, where a score closer to 900 is generally considered to be a good by lenders.
Q. What is the difference between CRISIL ‘AAA’ and ‘AA’?
Ans. CRISIL ‘AAA’ is defined as the highest safety or credit ratings assigned to the businesses, enterprises and organizations by the CRAs. While AAA is considered as the highest, AA is followed after it is called as the second highest credit rating generated.
Q. Which banks are AAA rated in India?
Ans. There are 7 leading credit rating agencies in India and the credit ratings generated for banks by these agencies shall vary as per the companies and their methods and functionalities. Below mentioned are these seven credit rating agencies for more information:
- Credit Rating Information Services of India Ltd. (CRISIL)
- Investment Information and Credit Rating Agency of India (ICRA) Ltd.
- Credit Analysis and Research (CARE) Ltd.
- Acuite Ratings & Research Ltd.
- Brickwork Ratings India Private Ltd.
- India Ratings and Research Pvt. Ltd.
- INFOMERICS Valuation and Rating Private Ltd.
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