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A credit rating agency is a company that assigns credit ratings, which rate the debtor's ability to pay back debt by making timely payments and determine the likelihood of default. In this blog post, we will discuss the best credit rating agencies in India.
The credit rating industry in India consists of seven agencies, all of which are registered with SEBI.
The first credit rating agency in our list of top credit agencies in India is CRISIL. Established in 1988, CRISIL was the first credit rating agency in India. ICICI and UTI introduced CRISIL jointly. When the company was started, it had a total of 3 employees. The company’s main goal was to make the markets function better through credit ratings. In April 2005, the US-based credit rating agency S&P acquired the majority of CRISIL’s shares.
Today, CRISIL has more than 3,900 employees and a presence in nine countries: Argentina, Australia, China, India, Japan, Poland, Singapore, Switzerland, the United Arab Emirates, the United Kingdom, and the United States of America. This credit rating company helps governments shape policies and also supports and advises the biggest names in the corporate world on tackling the challenges they face. It also offers infrastructure advisory services to multilateral agencies, governments, investors, and major public and private sector companies.
Established in 1991, ICRA is an independent and professional investment information and credit rating agency in India. ICRA Limited went public on 13 April 2007 after being listed on the Bombay Stock Exchange and the National Stock Exchange. Moody‘s Corporation, an American company, owns approximately 51% of ICRA.
Being an early entrant in the credit rating business, ICRA is a highly experienced credit rating agency in India. ICRA does credit rating for debt instruments issued by commercial banks, NBFCs, manufacturing companies, PSUs, financial institutions, etc. Additionally, this credit rating agency also gives ratings to structured obligations and sector-specific debt obligations like instruments issued by telecom and infrastructure businesses.
ICRA offers additional services such as credit risk rating of debt mutual funds, independent credit evaluation of residual debts in entities, and rating of security receipts issued by asset reconstruction companies as per RBI’s requirements.
Bengaluru-based credit rating agency Brickwork Ratings was established in 2007 with the aim of providing reliable credit ratings in India by setting new standards for risk assessment and offering precise and transparent credit ratings. This credit rating agency is renowned for providing timely and in depth research to investors and lenders in Structured Finance, Public Finance, Financial Institutions, Project Finance and Corporate sectors.
Over 350 credit analysts and credit marketing professionals work for Brickwork Ratings in 9 offices located in India. These experienced analysts have provided over 12,000 credit ratings across various asset classes. Brickwork Ratings is dedicated to providing products and services to the investment community so that it can make well-informed investment decisions. Brickwork has a presence in over 150+ cities across India, and its latest addition is the opening of the BWR office in Chandigarh. Many large, medium, and small companies depend on Brickwork for bank loan ratings.
Acuite Ratings was incorporated in 2005 as an initiative of RBI and Ministry of Finance to facilitate credit rating of bank borrowers. The credit rating agency was formerly known as the SME Rating Agency since a majority of bank borrowers are SMEs. Then, the agency changed its name to SMERA Ratings Limited as its products and portfolio services extended over a period of time and included Bond Ratings, CP Ratings, Bank Loan Ratings, SME Ratings, and several other grading-related services.
Registered with SEBI and accredited by RBI, Acuite enjoys the unique advantage of being supported by the most powerful public and private sector banks. The credit rating agency is also co-promoted by a global data and analytics company known as Dun & Bradstreet.
Shortly after Acuite began its business of bond and bank loan rating, it assigned over 9,800 credit ratings to companies belonging to various sectors. A subsidiary of Acuite, SMERA Gradings and Ratings has conducted 50,000 ratings.
The CRA’s economic research division consists of a professional and highly experienced team of senior financial analysts. These analysts are highly regarded for their expert views and impact analysis regarding important economic developments and their interpretation of various industries. The CRA has carried out financial research assignments for IDBI and SIBI, among other entities. The clients of Acuite comprise of large and small-sized private corporate houses, public sector players like the Nuclear Power Corporation, and reputed names in the financial sector.
Infomerics Valuation and Rating Private Limited was established as a credit rating agency by former regulators, ex-bankers and seasoned credit rating professionals. It is promoted by Mr. Vipin Malik of M/s, V Malik & Associates which is an independent accounting firm. Infomerics is headquartered in New Delhi and has a corporate office in Mumbai and branches pan India.
This credit rating agency was founded with the goal of providing credible and validated credit ratings with inputs based on industry benchmarks and historical data using software. The operations of Infomerics began after it provided management consultancy services in ratings of different sectors and companies and corporate valuation. It has been a leading credit rating agency that has provided business Reengineering, Information Technology, Financial, and software solution Consultancy services to its
Founded in 1995, India Ratings & Research is one of the top credit rating agencies in India. It is a fully owned subsidiary of Fitch Group, which is an American credit rating agency. India Ratings and Research Pvt Ltd is often known as Ind-Ra. This credit rating agency is committed to delivering precise, prospective, and timely credit opinions to India's credit markets. During the past decade, the credit rating agency has gained a significant presence in India’s fixed-income market due to its open and balanced approach toward credit research and rigorous analytics.
It is headquartered in Mumbai and has seven branch offices in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Pune, and Kolkata. At present, Ind-Ra is responsible for maintaining coverage of corporate issuers, banks, insurance companies, managed funds, urban local bodies, finance and leasing companies, and project finance and structured finance companies.
CareEdge Ratings a.k.a CARE Ratings Ltd. was established in 1993 and is one of the leading credit rating agencies in India. Care ratings offers credit rating services for a wide range of industries like manufacturing, infrastructure and the financial sector, which includes banking and non-financial services.
CARE has played an essential role in the development of bank debt and capital market instruments’ development, including corporate bonds, debentures, commercial papers, and structured credit. This credit agency comes with over three decades of experience in the business of analytics and has an in-depth understanding of the operations across several sectors in India. Because of this, the company is in a sound position to offer itself as a source of knowledge, and hence, it publishes insightful reports on the Indian and global economy and also industry research papers on a regular basis.
CareEdge Ratings has multiple wholly-owned subsidiaries. One is CARE Analytics & Advisory Private Ltd, previously known as CARE Risk Solutions Pvt Ltd. Another is CARE ESG Ratings Ltd, previously known as CARE Advisory Research and Training Ltd. A third one is CareEdge Global IFSC Ltd. CareEdge Ratings’ other international subsidiary entities are CARE Ratings (Africa) Private Ltd in Mauritius and CARE Ratings Nepal Ltd. CareEdge Ratings is also a partner in ARC Ratings, an international credit rating agency. Also, CARE has a strategic alliance with the Japanese credit rating agency, Japan Credit Ratings Agency (JCR), and MoU with the Russian credit rating agency, Analytical Credit Rating Agency (ACRA).
In this blog post, we discussed the best credit rating agencies in India. As of 19 July 2024, all of them are registered with the Securities and Exchange Board of India (SEBI).
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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