Corporate Sector Ratings


CRISIL pioneered the first corporate sector rating in 1988. Today, one out of every two companies in India is rated by CRISIL. We have an unmatched coverage of about 70 sectors belonging to 22 industry groups.

Our probability of default approach on a standardized 20-point rating scale is approved by the Securities and Exchange Board of India and the Reserve Bank of India.

CRISIL follows a three pronged approach to arrive at the standalone credit rating of a given firm, comprising evaluation of:

  • Business risk – factors in industry risk, market position, and operating efficiency of the entity.
  • Management risk – considers competence, integrity and risk appetite of the firm’s management.
  • Financial risk – assesses accounting quality, present and future financial position, cash flows, and financial flexibility of the firm. Project based risks are also factored in at this stage.

Finally, the support obtained from a parent, group, or joint venture(s) is considered, to arrive at the overall credit rating. 

Over and above this primary approach, CRISIL’s analysis takes into account sector specific nuances. We have so far published detailed rating criteria for companies in 31 manufacturing and service sector industries and nine infrastructure sector industries.

CRISIL offers a wide palette of corporate sector instrument ratings including:

  • Bank loan ratings
  • Long term debt instruments such as bonds, non-convertible debentures (NCDs), and preference shares
  • Short term debt instruments such as commercial papers (CPs) and short term NCDs
  • Fixed deposits (FDs) 

The methodology and rating framework adopted by CRISIL for evaluating the credit risk of various instruments issued by Indian corporates is largely similar. However, we take care to apply any additional criteria, as appropriate, to capture the nuances of the particular instrument being rated. A detailed look at our offerings:

Bonds/Long Term Capital Market Instruments

Our opinion on the timely payment of interest and principal on long-term financial obligations

Bank Loan Instruments

Estimates on the degree of risk regarding timely payment of the rated bank facility

CPs/Short Term Debt

Our opinion on the timely payment of interest and principal on short-term financial obligations

Fixed Deposits and Other Instruments

CRISIL also rates FD programmes of corporates in the non-financial sector

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