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July 22, 2019 location Mumbai

CRISIL sets the record straight on its ratings position in IL&FS and Grant Thornton's forensic audit report

In reference to the recent announcement by IL&FS Ltd on the completion of the first phase of a forensic audit by Grant Thornton on the credit ratings assigned to it and group companies in the past, CRISIL would like to clarify the following and set the record straight:


  • CRISIL has never rated IL&FS Ltd, IL&FS Financial Services Ltd, or any debt issued by these companies.
  • Way back in 2011, CRISIL had assigned 'CRISIL A/Stable/CRISIL A1' rating to the bank loan facilities of IL&FS Transportation Network Ltd (ITNL). As per the rating definitions standardized by SEBI, the ‘A’ category refers to ‘Adequate Safety’. The rating was withdrawn in July 2016 and since then, CRISIL has had no outstanding rating on ITNL either.
  • CRISIL currently has ratings on two road annuity project special purpose vehicles (SPVs) – North Karnataka Expressway Ltd, and Jharkhand Road Projects Implementation Company Ltd – that are sponsored by ITNL. The latest rating rationales in this regard are available on the www.crisil.com website. CRISIL has no other rating outstanding on any other subsidiary – direct or step-down – of IL&FS Ltd.

CRISIL follows the highest standards of governance, maintains exemplary analytical rigour, and robust processes to ensure independence of its opinions.


CRISIL’s ‘default and transition statistics’, the crucial metric that is followed globally by all stakeholders to evaluate the true quality of ratings assigned by credit rating agencies, continues to be the best in the Indian ratings industry.


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    Saman Khan
    Media Relations
    CRISIL Limited
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