CREDIT RATING : INDIAN SCENARIO, CREDIT

RATING AGENCIES IN INDIA

PRESENTATED BY : SUYASH SONEKAR (59)

VAIBHAV SINGH (61)
UJJWAL KUMAR (60)
VAIBHAV KUMAR MAURYA (62)
CREDIT RATING SYSTEM
 DEFINITION
A credit rating is a measurement of a person or business entity’s ability to repay a
financial obligation based on income and past repayment histories. Usually expressed as
a credit score, banks and lenders use a credit rating as one of the factors to determine
whether to lend money.
A credit rating is an opinion of a particular credit agency regarding the ability and
willingness an entity (government, business, or individual) to fulfil its financial
obligations in completeness and within the established due dates. A credit rating also
signifies the likelihood a debtor will default. It is also representative of the credit risk
 carried by a debt instrument – whether a loan or a bond issuance.
WHO EVALUATES CREDIT RATINGS ?

 A credit agency evaluates the credit rating of a debtor by analyzing the qualitative and quantitative
attributes of the entity in question. The information may be sourced from internal information provided
by the entity, such as audited financial statements, annual reports, as well as external information such
as analyst reports, published news articles, overall industry analysis, and projections.
 A credit agency is not involved in the transaction of the deal and, therefore, is deemed to provide an
independent and impartial opinion of the credit risk carried by a particular entity seeking to raise
money through loans or bond issuance.
 Presently, there are three prominent credit agencies that control 85% of the overall ratings
market: Moody’s Investor Services, Standard and Poor’s (S&P), and Fitch Group. Each agency uses
unique, but strikingly similar, rating styles to indicate credit ratings.
 TYPES OF CREDIT RATINGS

 Each credit agency uses its own terminology to determine credit ratings. That said,
the notations are strikingly similar among the three credit agencies. Ratings are
bracketed into two groups: investment grade and speculative grade.
1. Investment grade ratings, mean the investment is considered solid by the rating
agency, and the issuer is likely to honor the terms of repayment. Such
investments are typically less competitively priced in comparison to speculative
grade investments.
2. Speculative grade investments, are high risk and, therefore, offer higher
interest rates to reflect the quality of the investments.
USERS OF CREDIT RATINGS

 Both institutional and individual investors use credit ratings to assess the risk related to investing in a specific
issuance, ideally in the context of their entire portfolio.
 Intermediaries such as investment bankers utilize credit ratings to evaluate credit risk and further derive pricing
of debt issues.
 Debt issuers such as corporations, governments, municipalities, etc., use credit ratings as an independent
evaluation of their creditworthiness and credit risk associated with their debt issuance. The ratings can, to some
extent, provide prospective investors with an idea of the quality of the instrument and what kind of interest rate
they should be expecting from it.
 Businesses and corporations that are looking to evaluate the risk involved with a certain counterparty transaction
also use credit ratings. They can help entities that are looking to participate in partnerships or ventures with other
businesses evaluate the viability of the proposition.
WHY DOES CREDIT RATING MATTER ?

 Credit ratings have huge influence on the price and demand for certain securities,
particularly bonds: The lower the credit rating, the riskier the investment and the less
the investment is worth. Therefore, lower-grade/higher-risk securities pay higher
interest rates to attract buyers. 
 Low credit ratings are not always bad. They simply mean there is more risk
associated with an investment and thus more potential for higher returns. In fact,
many income investors actively enhance their returns by investing in lower-
grade debt.
CREDIT RATING : THE INDIAN SCENARIO
THE INDIAN SCENARIO

 Credit rating is of recent origin in India. The first credit rating institution in India was setup in 1988. It was
christened as Credit Rating and Information Services of India Ltd. (CRISIL) in all there are four credit rating
agencies functioning in the country.
 Credit Rating and Information Services of India Ltd., was promoted by the Industrial Credit and Investment
Corporation of India, Nationalized Banks, Foreign Banks and Insurance Companies in 1988.
 It floated an equity issue in 1992 and is, now, a listed company. It entered a strategic alliance with Standard and
Poor’s in 1995. Its services offered comprise rating, Information infrastructure services and consults. It’s rating
services of long, medium and short term debt instrument and securitized assets and constructions. Its information
services offer corporate research reports. It also prepares CRISIL 500 Index. Its consultancy division provides
assistance to infrastructure industries, viz., power, telecom and infrastructure financing.
ICRA Ltd. was promoted by the Industrial Finance Corporation of India, nationalized banks, foreign
banks , and insurance companies in 1991. It provides services dealing with advisor and investment
information matters .
Its analytical services include rating of debt instruments and credit counselling , assessment regard to
restructuring advice for sector specific services such as for power , telecommunication , ports and
municipal ratings .
In 1994 , ICRA negotiated a strategic alliance with Financial Programmed Inc. , which is a subsidiary
of Moody's , offering services on software and risk management training . The Credit Analysis and
Research Ltd. , ( CARE ) , was promoted by the Industrial Development Bank of India and several
banks and insurance companies in 1992 ; it offers services concerning rating of debt instruments . It
also prepares sector - specific industry reports During 1996 , the fourth credit rating agency was setup
in India as a joint venture between Alliance Capital Ltd. , Calcutta , and Duff and Phelps , US .
FACTORS CONTRIBUTING TO SUCCESS

Credit rating in India A number of factors contributor to the success of credit rating. However, the most
dominating factors is the reputation of the credit rating agency and its analytical credibility. Some of the
factors contributing to success of credit rating are discussed as below :
 Credible and Independent Structures and Procedures:- The credibility of the credit rating
agency depends on the objectivity which results from the later being independent of the issuer’s
business. As credibility is a primary ingredient of credit rating agency, it must maintain independence
from all interested market forces viz., issuers, underwriters and Government.
• Reliance on the Market Mechanism Credit rating :- Credit rating in India Reliance on the
capital market for resource allocation generates a strong demand for investment- related information.
Rating agencies provide this information.
• Corporate Disclosure and Credit Education:- As a part of corporate disclosure and credit
education, it is n for rating agencies to ensure that the information about the regulatory guidelines for
mandatory disclosures of ratings reaches the users. However, the rating should not be taken as the final
word about financial health
• Existence of debt market:- The phenomenal growth of the debt market has resulted in tremendous
demand for the credit rating business. The rating agencies in order to continue to provide their services
need an active primary and secondary debt market. 
ANALYTICAL FACTORS CONSIDERED BY INDIAN AGENCIES

The analytical framework for rating agencies is divided into two interdependent segments dealing respectively with
(1) Operational characteristics and,
(2) Financial characteristics
of the issuers of the debt instruments. Besides quantitative and objective factors, qualitative aspects like assessment of
management capabilities play a very important role in arriving at the final rating for an instrument. The relative
importance of quantitative and qualitative components of analysis vary with the type of issuer and is analysed
independently and collectively. The key factors considered for the assessment of :
Manufacturing companies, Financial companies, Banks, Indian States, Bond Fund Rating.
MANUFACTURING COMPANIES ANALYTICAL FRAMEWORK

 Business analysis: In this analysis, industry risk, market share, overall efficiency and legal aspects are all taken
into consideration. In case of industry risk, the factors considered and analysed are existing and future demand,
number of competitors, expected level of competition in the future cyclical as well as seasonal factors, etc. In the
market share analysis, the existing market share of the organization, expected changes in the market share in
future, SWOT (strengths, weaknesses, opportunities and threats) analysis of the product of the company, etc., are
taken into consideration.
1. Industry Risk-Industry Risk is analysed with reference to the estimated current demand / supply and industrial
growth prospect; intensity of competition in the industry; entry barriers and threats of new entrants in the industry;
government regulations and policies relating to the industry; vulnerability to technological changes and to substitutes;
cyclicality / seasonality factors and principal companies in the industry and their strengths and weakness
2. Market Position :-is evaluated from different angles viz., market share and its stability, competitive Credit rating in
India position in market Segments, competitive advantages and disadvantages vis-à vis the nearest competitors,
diversity of products and customers, selling and distribution arrangements and research and development with linkage
to product obsolescence.
3. Operating Efficiency:- Operating Efficiency is assessed with reference to production process indicating
strength/weakness vis- à-vis the nearest competitors, productivities and efficiencies compared to other players, location
advantages, labour relationships, product cost structure and manufacturing efficiency as compared to the nearest
competitors, level of capital and employee productivity, energy costs and compliance of pollution control requirements.
4 . Legal Position:- Legal Position considers aspects such as terms of offer document - prospectus or letter of offer,
terms of debenture trust deed, trustees and defined parameters of their responsibilities, protection against forgery,
modalities and arrangements for buy-back facilities Credit rating in India
FINANCIAL ANALYSIS

 Financial analysis: In this area, the overall accounting system, auditor’s certificates, taxation provisions, inventory
valuation, depreciation policies, etc., are taken into consideration. Similarly, existing and projected future profitability,
cash inflows, ability of the company to repay debt, obligations, cost structure are some of the areas which are analysed.
All relevant aspects connected with the business and financial positions of the company are assessed which include
accounting quality, earnings protection, adequacy of cash flows and financial flexibility.
(i)Accounting Quality:- Accounting Quality depends on auditor’s qualification, overstatement / understatement of profits,
method of income recognition, inventory valuation and depreciation policies, undervaluation overvaluation of fixed
assets, off -balance sheet liabilities and the like.
(ii)Earnings Protection:- Earnings Protection is assessed through profitability ratios, pre-tax coverage ratios, earnings in
relation to fixed income charges, sources of future earnings growth and so on.
(iii)Adequacy of Cash:- Flows is appraised in relation to debt and fixed and working capital requirements, variability of
Future cash flows, capital spending flexibility, working capital management etc.
(iv)Financial Flexibility:- Financial Flexibility is examined in terms of alternative financing plans in times of stress, ability
to raise funds or raise capital to meet stress requirements, asset redeployment potential, and debt service schedule and so
on.
MANAGEMENT EVALUATION : ANALYTICAL FRAMEWORK

 MANAGERIAL EVALUATION: It another important area where the capabilities of management team are
analysed by applying various parameters. This analysis probes into the track record of management, planning and
control systems, depth of management talent, succession plans, goals, philosophy and strategies.
 Track record of the management is evaluated with reference to goals philosophy, strategies and ability to
overcome adverse situations. Management competence is judged from past operating and financial results, other
aspects considered for judging the calibre of management include conservative outlook or aggressiveness with
respect to financial risk, planning and control system, depth of managerial talents and succession plans,
commitment, consistency, & credibility.
MANAGEMENT EVALUATION : ANALYTICAL FRAMEWORK

The assessment of financial companies lays emphasis on the regulatory environment and fundamental analysis in addition
to the financial analysis and management evaluation:
 REGULATORY ENVIRONMENT : It is evaluated in relation to structure and regulatory framework of the financial
system and trends in regulation/ deregulation and their impact on the company.
 FUNDAMENTAL ANALYSIS : It covers aspects such as liquidity management, asset quality, profitability and
financial position and interest and tax sensitivity of the company.
The evaluation is carried out by a team of professionally qualified persons and includes data collection, analysis and
meetings with key personnel in the company to discuss strategies, plans and other issues that may influence credit
evaluation of the company.
Discussions also include the company’s forecasted business and financial plans, the processing takes 4 to 6 weeks.
In addition, the initial assigned ratings are monitored on continues basis by analyst.
 Liquidity Management: is analysed in terms of capital structure, term-matching of assets and liabilities, policy on
liquid assets in relation to financing commitments and maturing deposits.
 Asset Quality: is reflected in the quality of the company’s credit risk management, systems for monitoring credit,
sector risk, exposure to individual borrowers, management Of problem credits etc.
 Profitability and financial position: is examined on the basis of historic profits, spreads on fund deployment,
revenues on non-fund based services, accretion to reserves and so on.
 Interest and Tax Sensitivity: refers to exposure to interest rate changes, hedge against interest rate and tax law
changes and the like.
CREDIT RATING AGENCIES IN INDIA

 Some companies may have a good record, goodwill and reputation in the past, but their current state of affairs may
not be that bright. Investors in such circumstances felt the need for an independent and credible agency which
could judge the debt obligation of different companies and assist investors in making decisions. This need paved
the way for the birth of Credit Rating Agencies in India.
 SEBI (Securities and Exchange Board of India) authorizes and regulates all credit rating agencies in India as per
SEBI Regulations, 1999 of the Securities and Exchange Board of India Act, 1992. There are seven credit rating
agencies in India including CRISIL, ICRA, CARE, India Ratings and Research Pvt Ltd, Acuite Ratings &
Research, Brickwork Ratings India Pvt. Ltd. and Infomerics Valuation and Rating Pvt. Ltd. that are authorised by
SEBI to assess credit ratings.
CREDIT RATING INFORMATION SERVICES OF INDIA LIMITED
(CRISIL)

 Set up in 1987, Credit Rating Information Services of India Limited (CRISIL) is one of the oldest credit rating
agencies in India. It is operational in countries including the UK, USA, Poland, China, Hong Kong, and Argentina,
in addition to India. It evaluates the credit worthiness of commercial entities on the basis of their strengths, market
reputation, market share and board. It helps investors make informed investment decisions by providing credit
ratings for companies, organisations and banks. Starting from 2016, CRISIL has also ventured into infrastructure
rating.
 CRISIL’s majority shareholder is Standard & Poor’s. It also works with governments and policy-makers in India
and other emerging markets in the infrastructure domain.
SERVICES RENDERED BY CRISIL

 Rating services: The main business of CRISIL is rating debentures, deposits, preference shares as well as
commercial paper. Rating services is also provided to chit funds, real estate developers, banks etc.
 Information services: CRISIL offers information services also. Its main product ‘CRISIL CARD’ provides
corporate and balance sheet data for the sake of analysis. It assesses the outlook and solvency of the concerned
companies on the basis of published data. CRISIL 500 Equity Index is an index newly launched on the basis of
500 companies representing 74% of market capitalization of the Mumbai Stock Exchange.
 Advisory services: It also offers services to the Governments, banks, financial institutions etc. It provides
advisory services in the areas of energy, transport, urban infrastructure, tourism, economy, corporate, capital
markets, and financial services. It also undertakes credit and counter party ratings for corporates.
CRISIL provides corporate reports regularly on public sector and private sector companies. These reports contain
information on the companies’ financial, business, and technical aspects. It also undertakes industry studies on
requests covering topics, such as structure of industry, basis of competition and demand and supply estimates.
INVESTMENT INFORMATION OF CREDIT RATING RATING
AGENCY OF INDIA LIMITED ( ICRA)

It is promoted by IFCI Ltd. It started operations in 1991. It offers credit rating services for rating debentures or bonds,
preference shares, medium term debts, including certificates of deposits as well as short term instruments including
commercial paper. It has entered into an area called Earning Prospects and Risk Analysis. ICRA also provides credit
assessment and general assessment. The primary objective of ICRA is to provide information and guidance to
investors/creditors for determining the credit risk associated with a debt instrument/credit obligation.
ICRA Limited is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the national
Stock Exchange. Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA).
SERVICES RENDERED BY ICRA

 Rating Services: ICRA rates rupee-denominated debt instruments, such as bonds and debentures (long-term),
fixed deposit programmes (medium term), commercial paper and certificates of deposit (short-term), and
structured obligations and sector-specific debt obligations (issued by Power, Telecom, and Infrastructure
companies).
 Grading Services: ICRA has developed highly specialised evaluation methodologies for grading of construction
entities; real estate developers and projects; healthcare entities; maritime training institutes; and initial public
offers (IPOs). These grading methodologies have been developed in association with reputable and specialised
bodies, associated with the domain.
 Advisory Services: ICRA offers a wide range of management advisory services. These include:

(a) strategic counselling, (b) risk management, (c) restructuring solutions, (d) inputs for policy formulation, (e) client
specific need based studies in the banking and financial services, manufacturing and services sector etc.
SERVICES RENDERED BY ICRA

 Outsourcing: ICRA Online Ltd, a subsidiary of ICRA, provides technology solution, targeted at distributors of
third party financial products, insurance brokers, and stock broking houses. The BPO Division of ICRA Online
serves financial service companies, financial institutions, investment banks, private equity and venture capital
funds, market researchers and the like. The focus is on high and knowledge processing like financial modelling,
data analysis valuation etc.
 Software development: ICRA Techno Analysis Ltd., a subsidiary of ICRA offers complete portfolio information
technology solutions to meet the dynamic needs of present day businesses. The services range from the traditional
development of client server, web- centric and mobile applications to the generation of cutting edge business
analysis.
CREDIT ANALYSIS AND RESEARCH LIMITED ( CARE)

 It is promoted by the IDBI. It began its operations from April 1993. It offers a wide range of services. Credit rating
is conducted for debentures, fixed deposits, commercial papers etc.
 CARE ratings are recognised by the Government of India and regulatory agencies in India. It is registered with the
Securities and Exchange Board of India (SEBI). The ratings are also recognised by RBI, NABARD, NHB and
NSIC. The three largest shareholders of CARE are IDBI Bank, Canara Bank and State Bank of India. CARE s a
full service rating company offering a wide range of rating and grading services. These includes rating debt
instruments/enterprise ratings of corporates, banks, Financial Institutions (FIs), Public Sector Undertakings
(PSUs), state government bodies, municipal corporations, NBFCs, SMEs, microfinance institutions, Structured
finance and Securitisation transactions.
CREDIT ANALYSIS AND RESEARCH LIMITED ( CARE )

 CARE Ratings is recognized for being a knowledge-based company and provides near real time research on all
domestic and global economic developments. Special studies and surveys are also undertaken on different
subjects.
 The Industry Research team tracks and publishes sector reports on an on-going basis. CARE Ratings’ wholly
owned subsidiaries include CARE Advisory Research & Training Ltd. (CART) and CARE Risk Solutions Pvt Ltd
(CRSPL).
 In the global arena CARE Ratings is a partner in ARC Ratings, an international credit rating agency. The company
also has subsidiaries in Mauritius ‘CARE Ratings (Africa) Private Limited (CRAF)’ and in Nepal ‘CARE Ratings
Nepal’. The company has strategic alliance with Japan Credit Ratings Agency (JCR) and MoU with Russian rating
agency ACRA.
 SERVICES RENDERED BY CARE LIMITED

 Credit rating: It undertakes the credit rating of all types of debt instruments. The rating provides a relative ranking
of the credit quality of debt instruments. It also rates quasi-debt obligations such as the ability of insurance
companies to meet policy holders’ obligations.
 Information services: It makes available information on any company, industry, or sector required by a business
enterprise. This information will enable the users to make informed decisions regarding investments.
 Advisory services: It conducts sector studies and provides advisory services in the areas of financial restructuring,
valuation and credit appraisal systems.
 Equity research: It conducts the detailed study of the shares listed in the major stock exchanges. On the basis of
this study, it can identify the potential winners and losers on the basis of the fundamentals affecting the industry,
economy, market share, management capabilities and other relevant factors.
 Other services: It undertakes performance rating of parallel marketers of LPG and Superior Kerosene Oil (SKO) as
notified by Central Government. It also provides a valuable input in assisting decision making process in banks and
Development Financial Institutions. It has a strong structured finance team and has been instrumental in developing
rating methodologies for innovative asset backed securities in the Indian capital market.
ACUITE` RATINGS & RESEARCH LIMITED

 It is incorporated in 2005 as an initiative of Ministry of Finance (GOI) and Reserve Bank of India (RBI), to
facilitate credit rating of bank borrowers. Since a majority of bank borrowers are SMEs, so called SME Rating
Agency which later rechristened to SMERA Ratings Limited.
 Acuité Ratings & Research Limited is a full service credit rating agency with registration from SEBI and
the accreditation from RBI received in 2011 & 2012 respectively.
  Acuité assigned its first bond rating in 2012 and has a track record of over 5 years in rating the entire range of
debt instruments including NCDs, Commercial Paper and Bank Loan Ratings (BLR).
ACUITE` RATINGS & RESEARCH LIMITED

 Acuité is strongly established in the domestic ratings market with a significant market share in bank loan ratings.
Their ratings are well accepted by bankers and investors in debt capital markets and today cover a wide cross
section of the economy. they have presence in both the corporate and the financial sector. In corporate sector, they
have outstanding ratings on SMEs as also on large companies with debt in excess of Rs. 5,000 Cr. 
 In financial sector, they have outstanding ratings on a significant number of NBFCs/HFCs and state financial
institutions. In 2017-18, they have initiated ratings on banks and recently on urban local bodies (Municipal
Corporations). Acuité also has an increasing presence in the government sector with ratings outstanding on several
central and state PSUS.
 Acuité’s ratings are based on the principle of probability of default (PD) and are assigned in the standardized 20-
point rating scale of AAA-D as approved by both SEBI and RBI.
BRICKWORK RATINGS INDIA PRIVATE LIMITED

 Brickwork ratings India private limited is a Bengaluru based company registered with the Securities Exchange
Board of India (SEBI) in 2008, the Reserve Bank of India accredited BWR with ECAI status in 2012,
 External credit assessment institutions are recognized by RBI under Basel norms.
 Besides being registered with SEBI, Brickwork Ratings (BWR) is also accredited by RBI and empanelled by
NCD, NSIC, MSME ratings and grading services. 
 It has Canara Bank as its leading promoter and strategic partner. It assigns credit rating to bank loans, capital
market instruments,  municipal corporations and SMEs.
 It also grades real estate investments, NGOs, hospitals, MFI, etc. It provides several rating systems depending
upon the different financial instruments.
BRICKWORK RATINGS INDIA PRIVATE LIMITED SERVICES

 Capital market instrument ratings

 Bank loan rating
 Municipal and urban local bodies ratings
 Ratings for financial institutions
 Customised research services
 Issuers ratings
 Fixed deposits ratings for corporates
INDIA RATINGS & RESEARCH PRIVATE LIMITED

 Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch
Group is consists of: Fitch Ratings, a global leader in credit ratings and research, India Ratings & Research Pvt.
Ltd. Is a 100% owned subsidiary of FITCH group.
 India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's
credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking,
rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during
the past decade, gaining significant market presence in India's fixed income market.
 Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi,
Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the SEBI , the RBI and National Housing Bank. 
  Ind-Ra currently 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. 
INFOMERICS VALUATION & RATING PRIVATE LIMITED

 Founded by former finance professionals, bankers and administrative services personnel, Being under mentorship
of Mr. Vipin Malik Infometrics Valuation and Rating Pvt Ltd is an RBI-accredited and SEBI registered credit
rating agency. It offers an unbiased assessment and evaluation of the creditworthiness of banks, non-banking
financial companies (NBFCs), small and medium scale units (SMUs)and large corporates. It aims to reduce any
kind of information asymmetry amongst lenders and investors. It has transparency as its core value and thus,
endeavours to provide accurate and comprehensive reports and credit ratings to all its clients.
SERVICES BY INFOMERICS VALUATION AND RATINGS PRIVATE
LIMITED

 Bank loan ratings

 Commercial paper ratings/ short term NCDs
 Corporate credit rating /issuers rating
 Bonds ratings
 Recovery risk rating for asset reconstruction company
 Loss estimation / expected loss rating
 Other ratings
SERVICES BY INFOMERICS VALUATION AND RATINGS PRIVATE
LIMITED

 Grading Services:

1. Grading of Corporate Governance

2. Real Estate Grading 
3. Healthcare Entities Grading 
4. SME Grading 
5. MNRE Grading 
6. Grading of Microfinance 
7. Management/Engineering Courses Grading
 CONCLUSION

 The outlook for the credit rating industry is positive. Credit ratings a leading role in the development of the debt
markets in India . The Rating Criteria & Product Development Center , responsible for policy research , new
product development and ratings ' quality assurance , has developed new ratings methodologies . There are
number of areas where rating agencies will have to cover new ground in the coming future. The rating of
municipal bond , state government borrowing , commercial banks and public sector undertaking etc , will be
covered in the near future ..
 Credit rating play very important role in international landing . The importance of credit rating is being
increasingly recognized in the Euro - markets . Rating is marketing too which indicate relative capacities of
companies to make timely repayment of interest and principal on debt. CRISIL inspires trust and confidence
across the industry for upholding values ​that serve as tenets across the Group Companies. The Indian credit rating
agencies have made a strategic alliance with reputed international agencies. Agencies are adopting large extent
the rating methodologies which adopted by western counterparts.
SO, I HEREBY CONCLUDED THAT CREDIT RATING IN INDIA
HAVING BRIGHT FUTURE.

THANK YOU