Pursuant to SEBI notifications, Crisil Limited (Crisil) has transferred its Ratings business to its wholly owned subsidiary, Crisil Ratings Limited (Crisil Ratings), with effect from December 31, 2020. Any reference to Crisil in the documents published by the Ratings division of Crisil, such as Rating Rationales, Credit Rating Reports, Press Releases, Criteria, Methodology, FAQs, Policies and Disclosures, shall henceforth refer to Crisil Ratings.
Criteria and Methodology
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Crisil's rating methodology for ABS transactions
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Crisil's rating methodology for CDO transactions
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Crisil's rating methodology for RMBS transactions
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Crisil's rating methodology for commercial mortgage backed securitisation
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Crisil's rating methodology for future flow transaction
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Crisil's rating methodology for partially guaranteed instruments
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Criteria for rating instruments backed by guarantees
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Evaluating risks in securitisation transactions - A primer
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Crisil’s criteria for rating covered bonds
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Meaning and applicability of ‘SO’, ‘CE’ symbols
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Rating Criteria for Banks and Financial Institutions
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Rating Criteria for Finance Companies
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Rating Criteria for General Insurance Companies
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Rating Criteria for Life Insurance Companies
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Rating Criteria for Securities Companies
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Crisil Ratings’ criteria for hybrid capital instruments issued by banks under Basel II guidelines
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Crisil Criteria for Rating Hybrid Instruments Issued by Insurance Companies
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Criteria for Rating Hybrid instruments of NBFCs and HFCs
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Rating criteria for Basel III - compliant non-equity capital instruments
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Crisil's rating criteria for REITs and InVITs
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Crisil’s criteria for rating holding companies
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Crisil's Criteria for Consolidation
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Criteria for notching up standalone ratings of entities based on government support
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Criteria for rating entities belonging to homogenous corporate groups
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Crisil's criteria for rating fixed deposit programmes
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Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support
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Criteria for Notching up Stand Alone Ratings of Companies based on Group Support
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Crisil's Approach to Financial Ratios
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Mapping global scale ratings onto Crisil scale
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Criteria for notching down standalone ratings of companies based on support extended to parent
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Crisil's criteria for rating and capital treatment of corporate sector hybrid instruments
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Crisil's criteria for rating short-term debt
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Treatment of securitisation when rating finance companies
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Rating Criteria for State Governments
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Rating Criteria for Manufacturing and Service Sector Companies
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|---|---|---|---|---|---|---|---|---|---|---|
| Metals - Ferrous | Unlisted | 21 | 33 | 66 | 42 | 139 | 5201.74 | 23 | ||
| Transport Infra - Roads | Unlisted | 25 | 27 | 28 | 27 | 189 | - | - | ||
| Power T&D | Unlisted | 27 | 31 | 47 | 36 | -15 | - | - | ||
| Financial Services (Rating Agencies) | Listed | 41 | 45 | 74 | 55 | 84 | 1518.2 | 19 | ||
| Power Thermal | Listed | 30 | 40 | 67 | 47 | -24 | 1485.13 | -165 | ||
| NBFC | Listed | 62 | 63 | 80 | 69 | 13742 | 433068.12 | - | ||
| Media | Listed | 40 | 40 | 60 | 48 | -243 | 6491.31 | -20 | ||
| Financial Services (Rating Agencies) | Listed | 36 | 42 | 75 | 53 | 73 | 4109.06 | 57 | ||
| Construction EPC | Listed | 39 | 45 | 63 | 50 | -157 | 1345.76 | -8 | ||
| Metals - Ferrous | Listed | 17 | 31 | 63 | 39 | 9 | 1516.64 | 19 | ||
| Metals - Ferrous | Listed | 19 | 40 | 64 | 42 | 1275 | 9123.59 | 7 | ||
| NBFC | Unlisted | 61 | 47 | 65 | 59 | 807 | - | - | ||
| Holding company | Listed | 36 | 37 | 59 | 45 | -41 | 1361.51 | -9 | ||
| Power Thermal | Unlisted | 18 | 31 | 51 | 35 | 301 | - | - | ||
| Financial Services (Capital Markets) | Unlisted | 55 | 57 | 67 | 60 | 4621 | - | - | ||
| Oil & Gas - Refining & Marketing | Unlisted | 22 | 35 | 55 | 38 | 1029 | - | - | ||
| Transport Infra - Roads | Unlisted | 24 | 26 | 41 | 32 | 25 | - | - | ||
| Power Thermal | Unlisted | 18 | 25 | 64 | 38 | - | - | - | ||
| NBFC | Listed | 52 | 53 | 73 | 60 | 1089 | 10820.13 | - | ||
| Power Thermal | Unlisted | 20 | 29 | 53 | 35 | -121 | - | - | ||
| FMCG | Listed | 36 | 44 | 73 | 52 | 101 | 4046.38 | 35 | ||
| Holding Company | Unlisted | 42 | 48 | 54 | 48 | 17136 | - | - | ||
| Metals - Linked Products | Listed | 18 | 39 | 72 | 45 | 352 | 4200.84 | 14 | ||
| Holding Company | Unlisted | 57 | 53 | 69 | 61 | 2 | 1237.47 | - |
0-30 - Weak, 31-45 - Below average, 46-60 - Adequate, 61-70 - Strong, 71-100 – Leadership
*based on FY20-21 data
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|---|---|---|---|---|---|---|---|---|---|---|
| Metals - Ferrous | Unlisted | 21 | 33 | 66 | 42 | 139 | 5201.74 | 23 | ||
| Transport Infra - Roads | Unlisted | 25 | 27 | 28 | 27 | 189 | - | - | ||
| Power T&D | Unlisted | 27 | 31 | 47 | 36 | -15 | - | - | ||
| Financial Services (Rating Agencies) | Listed | 41 | 45 | 74 | 55 | 84 | 1518.2 | 19 | ||
| Power Thermal | Listed | 30 | 40 | 67 | 47 | -24 | 1485.13 | -165 | ||
| NBFC | Listed | 62 | 63 | 80 | 69 | 13742 | 433068.12 | - | ||
| Media | Listed | 40 | 40 | 60 | 48 | -243 | 6491.31 | -20 | ||
| Financial Services (Rating Agencies) | Listed | 36 | 42 | 75 | 53 | 73 | 4109.06 | 57 | ||
| Construction EPC | Listed | 39 | 45 | 63 | 50 | -157 | 1345.76 | -8 | ||
| Metals - Ferrous | Listed | 17 | 31 | 63 | 39 | 9 | 1516.64 | 19 | ||
| Metals - Ferrous | Listed | 19 | 40 | 64 | 42 | 1275 | 9123.59 | 7 | ||
| NBFC | Unlisted | 61 | 47 | 65 | 59 | 807 | - | - | ||
| Holding company | Listed | 36 | 37 | 59 | 45 | -41 | 1361.51 | -9 | ||
| Power Thermal | Unlisted | 18 | 31 | 51 | 35 | 301 | - | - | ||
| Financial Services (Capital Markets) | Unlisted | 55 | 57 | 67 | 60 | 4621 | - | - | ||
| Oil & Gas - Refining & Marketing | Unlisted | 22 | 35 | 55 | 38 | 1029 | - | - | ||
| Transport Infra - Roads | Unlisted | 24 | 26 | 41 | 32 | 25 | - | - | ||
| Power Thermal | Unlisted | 18 | 25 | 64 | 38 | - | - | - | ||
| NBFC | Listed | 52 | 53 | 73 | 60 | 1089 | 10820.13 | - | ||
| Power Thermal | Unlisted | 20 | 29 | 53 | 35 | -121 | - | - | ||
| FMCG | Listed | 36 | 44 | 73 | 52 | 101 | 4046.38 | 35 | ||
| Holding Company | Unlisted | 42 | 48 | 54 | 48 | 17136 | - | - | ||
| Metals - Linked Products | Listed | 18 | 39 | 72 | 45 | 352 | 4200.84 | 14 | ||
| Holding Company | Unlisted | 57 | 53 | 69 | 61 | 2 | 1237.47 | - |
0-30 - Weak, 31-45 - Below average, 46-60 - Adequate, 61-70 - Strong, 71-100 – Leadership
*based on FY20-21 data