Credit Rating Agencies in India: A Brief Summary
Credit Rating Agencies in India – Banking awareness – A credit rating agency is a company that is responsible for determining the creditworthiness of the debtors on the basis of their ability to pay back the debt in a timely manner. They rate companies or governments that borrow money on a large scale.
There are three big international 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
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.
- 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.
- CRISIL’s businesses operate from 8 countries including the USA, Argentina, Poland, UK, India, China, Hong Kong, and Singapore.
- CRISIL’s majority shareholder is Standard & Poor’s.
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.
Credit Analysis & Research Ltd. (CARE)
- Credit Analysis & Research Ltd. (CARE) is the second-largest credit rating agency in India set up in 1993 having its head office in Mumbai.
- CARE Ratings is one of the 5 partners of an international rating agency called ARC Ratings.
- ONICRA is a private sector credit rating agency having Pan India presence set up by Onida Finance with its head office in Gurugram.
- It provides ratings, risk assessment and analytical solutions to Individuals, MSMEs, and Corporates.
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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