Bonds/Long Term Capital Market Instruments


CRISIL has rated corporate bonds since 1987. We are the undisputed market leader, with two in every three of India’s corporate bonds bearing CRISIL’s rating.

CRISIL assesses bonds (of maturity greater than a year) on the same principles as corporate sector instruments, in general. Ratings are assigned on a long term scale (AAA to D).

Our insightful analysis and opinion of corporate bond issuers is valued by investors. As a result, CRISIL has the distinction of having amongst the best bond spreads in high investment grade rating categories.

CRISIL has rated a variety of bonds/long term debt capital market instruments, ranging from plain vanilla debentures to hybrid instruments such as optionally convertible debentures, foreign currency convertible bonds etc., issued by Indian corporates.

CRISIL has also been part of key innovations in the Indian corporate bonds market, having rated pioneering credit instruments to facilitate long term funding for corporates. Some examples:

  • 50 year bond with bullet maturity issued by M&M in 2013
  • Perpetual bonds issued by Tata Power
  • Inflation indexed bond

CRISIL’s rating methodology has been fine-tuned to not only assign ratings, but also determine the equity treatment for hybrid instruments with complex features such as varying tenures, multiple call options, step up coupon etc.

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