Key takeaways
Credit rating agencies in India assess the repayment risk of companies, governments and debt instruments, rather than individual borrowers.
- What they do: Agencies assign ratings that indicate an issuer’s ability to meet its debt obligations, from AAA to D.
- Major agencies: SEBI registers nine agencies, including CRISIL Ratings, ICRA, CARE Ratings and India Ratings.
- Risk assessment: Ratings help investors assess the credit risk of bonds, fixed deposits and other debt instruments.
- Credit bureaus differ: Credit information companies such as CIBIL, Experian, Equifax and CRIF High Mark assess individual borrowers.
Credit rating agencies assess institutional and investment risk, while credit bureaus focus on an individual’s borrowing history and credit profile.
While Indian credit rating agencies (CRAs) evaluate the safety or risk of investment options offered by companies or institutions, credit information companies in India, commonly referred to as credit information bureaus (CIBs), generate credit scores and reports related to borrowers in the country. The latter evaluate borrowers' creditworthiness and debt repayment ability to help lenders assess risk better, while the former rate an organisation’s offerings to help investors.
The difference between these institutions lies in their meaning and functions. Here is what you need to know as both are important in terms of your finances, when it comes to applying for an instant personal loan and when it comes to making an investment.
Understanding Credit rating agencies in India
A credit rating agency in India assesses how likely an organisation is to repay its debt on time. Investors and other financial participants use these ratings to evaluate the risk associated with bonds, loans and deposits before committing funds.
SEBI standardised the rating scale used by registered credit rating agencies in June 2011. AAA represents the highest degree of safety, while D indicates that the issuer has already defaulted. Ratings from BBB and above are considered investment grade.
Rating | What it signals |
|---|---|
AAA | Highest degree of safety |
AA | High degree of safety |
A | Adequate degree of safety |
BBB | Moderate degree of safety; lowest investment-grade rating |
BB, B, C | Increasingly higher risk of default |
D | Default |
A credit rating agency in India may assign credit ratings to the following entities:
- State governments
- Local governmental bodies
- Companies
- Special purpose entities
- Non-profit organisations
Additional Read: Improve your CIBIL Score
List of credit rating agencies in India
The top credit rating agencies in India assess the financial strength and repayment ability of companies, financial institutions and other organisations. The Securities and Exchange Board of India (SEBI) registers nine such agencies as of September 2026. Seven of them each have more than ten years of rating history. ACER Credit Rating and CredStone Ratings joined the register in 2025 and 2026.
Investment Information and Credit Rating Agency of India Limited (ICRA)
ICRA is among the well-known rating agencies in India that provide credit ratings for companies, banks, financial institutions, and debt securities.
- Address: Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurugram, Haryana 122002
- Contact: +91 124 4545300
- Email: info@icraindia.com
Credit Analysis and Research Limited (CARE Ratings)
CARE Ratings is one of the recognised credit rating agencies in India that assesses the credit quality of companies, financial instruments, and infrastructure projects.
- Address: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion East, Mumbai, Maharashtra 400022
- Contact: +91 22 6754 3456
- Email: care@careedge.in
Fitch India
Fitch India is part of the global Fitch Ratings network and is among the recognised credit rating agencies operating in India.
- Address: One Indiabulls Centre, Tower 2, 33rd Floor, Senapati Bapat Marg, Elphinstone West, Mumbai, Maharashtra 400013
- Contact: +91 22 4000 1700
- Email: india@fitchratings.com
Brickwork Ratings (BWR)
Brickwork Ratings (BWR) is one of the trusted credit rating agencies in India that provides ratings for companies, banks, financial products, and small businesses.
- Address: 3rd Floor, Raj Alkaa Park, Kalena Agrahara, Bannerghatta Road, Bengaluru, Karnataka 560076
- Contact: +91 80 4040 9940
- Email: bwr@brickworkratings.com
SME Rating Agency of India Limited (SMERA)
SMERA, now known as Acuité Ratings and Research Limited, is one of the leading rating agencies in India with a strong focus on MSMEs and small businesses.
- Address: 708, Lodha Supremus, Senapati Bapat Marg, Lower Parel West, Mumbai, Maharashtra 400013
- Contact: +91 22 4929 4000
- Email: info@acuite.in
CRISIL Ratings Limited
CRISIL Ratings Limited holds SEBI registration number IN/CRA/001/1999 and rates bank loans, bonds, commercial paper and fixed deposits of companies and financial institutions.
- Address: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai, Maharashtra 400072
- Contact: +91 22 6137 3000
- Email: CRISILratingdesk@crisil.com
Infomerics Valuation and Rating Pvt. Ltd.
Infomerics Valuation and Rating Pvt. Ltd. rates bank loans and debt instruments across corporate, financial, infrastructure and structured finance sectors.
- Address: 104 & 108, 1st Floor, Golf Apartments, Sujan Singh Park, New Delhi 110003
- Contact: +91 22 4003 6966
- Email: info@infomerics.com
ACER Credit Rating Private Limited
ACER Credit Rating Private Limited received SEBI registration in August 2025 and rates long-term securities, structured finance instruments and mutual fund schemes.
- Address: Unit 808, 8th Floor, Signature Tower-B, Basai Road, Gurugram, Haryana 122001
- Contact: +91 124 460 7887
- Email: contact@acerratings.com
CredStone Ratings Private Limited
CredStone Ratings Private Limited received SEBI registration in May 2026, making it the most recent credit rating agency on the regulator's register.
- Address: 822, 8th Floor, The Summit Business Bay, near Western Express Highway, Andheri East, Mumbai, Maharashtra 400093
- Contact: Not published
- Email: Not published
Common functions of credit rating agencies In India
Credit rating agencies in India evaluate the credit risk of issuers and specific debt instruments, then express their assessment through a standardised credit rating.
- Assessing credit risk: Analysts examine factors such as cash flows, debt obligations, financial performance and management quality when assessing banks, NBFCs, microfinance institutions and other issuers.
- Assigning credit ratings: Agencies rate instruments such as bonds, commercial paper, fixed deposits, bank loans and hybrid capital instruments using the applicable SEBI-recognised rating scale.
- Providing an independent credit opinion: A rating represents the agency’s assessment of the likelihood of timely repayment and the risk of default. It is not a recommendation to buy, sell or hold an instrument.
- Monitoring rated instruments: Agencies review ratings throughout the relevant instrument’s tenure and may upgrade, downgrade or reaffirm them when material changes affect credit risk.
- Supporting credit decisions: Ratings provide investors and financial institutions with an independent reference point when assessing the credit quality and relative risk of debt instruments.
How does credit rating agencies work?
Credit Rating Agencies evaluate the financial stability and repayment capacity of companies, financial institutions, and government bodies. A credit rating agency studies several factors such as past repayment history, current debt levels, financial performance, cash flow, and market conditions before assigning a rating. These ratings are usually represented through symbols like AAA, AA, or BBB, which indicate the level of financial risk involved.
Credit Rating Agencies help investors, lenders, and financial institutions make informed decisions before investing or lending money. Higher ratings generally reflect lower credit risk, while lower ratings may indicate higher repayment risk. These agencies also review and update ratings regularly based on changes in financial performance and market conditions.
What is the difference between credit rating agencies and credit bureaus?
Credit rating agencies assess the credit risk of companies, governments and debt instruments, while credit bureaus compile borrowing and repayment information about individuals and businesses.
Basis | Credit rating agencies | Credit bureaus |
|---|---|---|
Purpose | Assess the risk of default | Maintain credit information and repayment history |
Who is assessed | Companies, governments and debt instruments | Individuals and businesses |
Information used | Financial statements, debt profile, management and industry factors | Credit account and repayment data reported by member institutions |
Output | Credit rating, typically ranging from AAA to D | Credit report and, where applicable, a credit score |
Primary users | Investors and financial institutions | Banks, NBFCs and other authorised users of credit information |
Regulator | Securities and Exchange Board of India (SEBI) | Reserve Bank of India (RBI) |
A rating agency can downgrade a company’s bond after its financial position deteriorates, while a credit bureau records an individual’s missed EMI or other reported repayment event.
Last reviewed: September 2026.
Credit information bureaus in India
Unlike credit rating agencies, credit bureaus in India assign a credit score to individual borrowers like you, based on your creditworthiness and repayment behaviour. They generate a three-digit credit score and credit report after evaluating your credit history. This helps the lenders weed out undesirable loan applications that carry high risk. For instance, the Experian credit score in India is between 300 and 850 and the CIBIL Score range from 300 to 900. In both cases, the higher your score, the stronger is your financial profile.
What are the 4 CIBIL bureaus in India?
India has four major credit information companies registered with the Reserve Bank of India (RBI): TransUnion CIBIL, Experian, Equifax and CRIF High Mark. These companies collect and maintain credit information reported by banks, NBFCs and other financial institutions.
The common functions of credit information companies include:
- Maintaining credit information records of individual and business borrowers.
- Providing credit reports and scores based on available credit information.
- Offering credit information and risk management services to financial institutions.
- Helping financial institutions review a borrower’s credit behaviour and existing or past credit relationships.
Credit information companies also provide services that allow individuals to access and monitor their credit information. Reviewing your credit report before applying for credit can help you identify inaccurate information or unfamiliar accounts.
Additional Read: CIBIL report correction
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