Credit Rating Agencies in India

  Last Update - 2023-06-09

Credit Rating Agencies in India

ABOUT:- A credit rating agency is a company which rates the debtors on the basis of their ability to pay back the debt in timely manner. They rate large scale borrowers, whether companies or governments.

 There are three big credit rating agencies in the world which are Standard and Poor’s (S&P), Moody’s and Fitch Ratings.

There are mainly 4 credit rating agencies in India which are:-

1.Credit Rating and Information Services of India Limited (CRISIL)

  • It is India’s first credit rating agency which was incorporated and promoted by the erstwhile ICICI Ltd, along with UTI and other financial institutions in 1987.
  • After 1 year, i.e. in 1988 it commenced its operations.
  • It has its head office in Mumbai.
  • It is India’s foremost provider of ratings, data and research, analytics and solutions, with a strong track record of growth and innovation.
  • It delivers independent opinions and efficient solutions.
  • CRISIL’s businesses operate from 8 countries including USA, Argentina, Poland, UK, India, China, Hong Kong and Singapore.
  • 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.

  2.Investment Information and Credit rating agency (ICRA)

  • The second credit rating agency incorporated in India was ICRA in 1991.
  • It was set up by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.
  • It is a public limited company.
  • It has its head office in New Delhi.
  • ICRA’s majority shareholder is Moody’s.

3.Credit Analysis & Research Ltd. (CARE)

  • The next credit rating agency to be set up was CARE in 1993.
  • It is the second-largest credit rating agency in India.
  • It has its head office in Mumbai.
  • CARE Ratings is one of the 5 partners of an international rating agency called ARC Ratings.


  • It is a private sector agency set up by Onida Finance.
  • It has its head office in Gurgaon.
  • It provides ratings, risk assessment and analytical solutions to Individuals, MSMEs and Corporates.
  • It is one of only 7 agencies licensed by NSIC (National Small Industries Corporation) to rate SMEs.
  • They have Pan India Presence with offices over 125 locations.

Apart from these credit rating agencies, there are three more credit rating agencies which are also registered with SEBI. These are Fitch Ratings India Private Ltd., Brickwork Ratings India Private Limited, SME Rating Agency of India Ltd. (SMERA).


  • Out of four credit rating agencies, CRISIL, ICRA, CARE and ONICRA, ONICRA is a private sector agency, all others are public sector companies.
  • There are 6 credit rating agencies which are registered with SEBI. These are CRISIL, ICRA, CARE, Fitch India, Brickwork Ratings, and SMERA. 


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