A credit rating estimates the credit worthiness of an individual, corporation, or even a

country. It is an evaluation made by credit bureaus of a borrower’s overall credit history. A

credit rating is also known as an evaluation of a potential borrower's ability to repay debt,
prepared by a credit bureau at the request of the lender (Black's Law Dictionary). Credit
ratings are calculated from financial history and current assets and liabilities. Typically, a
credit rating tells a lender or investor the probability of the subject being able to pay back a
loan. However, in recent years, credit ratings have also been used to adjust insurance
premiums, determine employment eligibility, and establish the amount of a utility or leasing
deposit.

A poor credit rating indicates a high risk of defaulting on a loan, and thus leads to high
interest rates, or the refusal of a loan by the creditor.

Personal credit ratings

An individual's credit score, along with his or her credit report, affects his or her ability to
borrow money through financial institutions such as banks.

The factors that may influence a person's credit rating are:

 ability to pay a loan

 interest
 amount of credit used
 saving patterns
 spending patterns
 debt

In different parts of the world different personal credit rating systems exist.

Corporate credit ratings

The credit rating of a corporation is a financial indicator to potential investors of debt

securities such as bonds. These are assigned by credit rating agencies such as A.M. Best, Dun
& Bradstreet, Standard & Poor's, Moody's or Fitch Ratings and have letter designations such
as A, B, C. The Standard & Poor's rating scale is as follows, from excellent to poor: AAA, AA+,
AA, AA-, A+, A, A-, BBB+, BBB, BBB-, BB+, BB, BB-, B+, B, B-, CCC+, CCC, CCC-, CC, C, D.
Anything lower than a BBB- rating is considered a speculative or junk bond. The Moody's
rating system is similar in concept but the naming is a little different. It is as follows, from
excellent to poor: Aaa, Aa1, Aa2, Aa3, A1, A2, A3, Baa1, Baa2, Baa3, Ba1, Ba2, Ba3, B1, B2,
B3, Caa1, Caa2, Caa3, Ca, C. A.M. Best rates from excellent to poor in the following manner:
A++, A+, A, A-, B++, B+, B, B-, C++, C+, C, C-, D, E, F, and S.
Sovereign credit ratings

A sovereign credit rating is the credit rating of a sovereign entity, i.e. a national
government. The sovereign credit rating indicates the risk level of the investing environment
of a country and is used by investors looking to invest abroad. It takes political risk into
account.

Country risk rankings (March 2010)

Least risky countries, Score out of 100

Rank Overall score

Previous Country
1 1 Norway 94.05
2 2 Luxembourg 92.35
3 3 Switzerland 90.65
4 4 Denmark 88.55
5 6 Finland 87.81
6 5 Sweden 86.81
7 7 Austria 86.50
8 11 Canada 86.09
9 8 Netherlands 84.86
10 9 Australia 84.16
The table shows the ten least-risky countries for investment as of March 2010. Ratings are
further broken down into components including political risk, economic risk. Euromoney's
bi-annual country risk index "Country risk survey" monitors the political and economic
stability of 185 sovereign countries. Results focus foremost on economics, specifically
sovereign default risk and/or payment default risk for exporters (a.k.a. "trade credit" risk).

This article in the Guardian contains a map of S&P sovereign ratings.

A.M. Best defines "country risk" as the risk that country-specific factors could adversely
affect an insurer's ability to meet its financial obligations.

Short-term rating

A short-term rating is a probability factor of an individual going into default within a year.
This is in contrast to long-term rating which is evaluated over a long timeframe.

Credit bureaus and credit rating agencies

Credit scores for individuals are assigned by credit bureaus (US; UK: credit reference
agencies). Credit ratings for corporations and sovereign debt are assigned by credit rating
agencies.

In the United States, the main credit bureaus are Experian, Equifax, and TransUnion. A
relatively new credit bureau in the US is Innovis.
In the United Kingdom, the main credit reference agencies for individuals are Experian,
Equifax, and Callcredit. There is no universal credit rating as such, rather each individual
lender credit scores based on its own wish-list of a perfect customer.

In Canada, the main credit bureaus for individuals are Equifax, TransUnion and Northern
Credit Bureaus/ Experian.

In India, commercial credit rating agencies include CRISIL, CARE and ICRA. The credit
bureaus for individuals in India are Credit Information Bureau (India) Limited (CIBIL) and
Credit Registration Office (CRO).

The largest commercial credit rating agencies (which tend to operate worldwide) are Dun &
Bradstreet, Moody's, Standard and Poor's and Fitch Ratings.

On 14.07.2010 Dagong International Credit Rating Co. from China released a credit rating
that is a break with other western credit rating agencies in an attempt to compete with
them.

A credit rating agency (CRA) is a company that assigns credit ratings for issuers of certain
types of debt obligations as well as the debt instruments themselves. In some cases, the
servicers of the underlying debt are also given ratings. In most cases, the issuers of
securities are companies, special purpose entities, state and local governments, non-profit
organizations, or national governments issuing debt-like securities (i.e., bonds) that can be
traded on a secondary market. A credit rating for an issuer takes into consideration the
issuer's credit worthiness (i.e., its ability to pay back a loan), and affects the interest rate
applied to the particular security being issued. (In contrast to CRAs, a company that issues
credit scores for individual credit-worthiness is generally called a credit bureau or consumer
credit reporting agency.) The value of such ratings has been widely questioned after the
2007/2009 financial crisis. In 2003 the Securities and Exchange Commission submitted a
report to Congress detailing plans to launch an investigation into the anti-competitive
practices of credit rating agencies and issues including conflicts of interest.

Functions of Credit rating agencies in India:

The credit rating agencies in India offer varied services like mutual consulting services, which
comprises of operation up gradation, risk management.

The have special sections to carry on research and development work of the industries. They
provide training to the employees and executives of the companies for better management.
They examine the risk involved in a new project, chalk out plans to fight with the problem
successfully and thus ameliorate the percentage of risk to a great extent. For this they carry
on thorough research into the respective industry. They have started offering services to the
mutual fund sector through the application of fund utilization services. The major industries
currently graded by the credit rating agencies include agriculture, health care industry,
infrastructure, and maritime industry.

Guidelines for Credit rating agencies in India:

The Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999
offers various guidelines with regard to the registration and functioning of the credit
rating agencies in India. The registration procedure includes application for the
establishment of a credit rating agency, matching the eligibility criteria and providing all
the details required. They have to undergo the strict examination procedure with regard
to the details furnished by them. They are required to prepare internal procedures,
abidance with circulars. They are offered guidelines regarding the credit rating procedure,
by the Act. The credit rating agencies are provided with compliance officers. They are
required to show their accounting records.

CRISIL:

CRISIL was set up in the year 1987 in order to rate the firms and then entered into the
field of assessment service for the banks. Highly skilled members manage the agency. Ms.
Roopa Kudva who acts as the Managing Director and Chief Executive Officer of the
company heads it. The company has set up large number of committees to look after
dispersal of various services offered by the company for example, investor grievance
committee, investment committee, rating committee, allotment committee, and
compensation committee and so on. The head office of the company is located at Mumbai
and it has established offices outside India also.

ICRA:

ICRA was established in the year 1991 by the collaboration of financial institutions,
investment companies, and banks. The company has formed the ICRA group together with
its subsidiaries. The company is headed by Mr. Piyush G. Mankad and offers products like
short-term debt schemes, Issue-specific long-term rating and offers fund based as well as
non-fund based facilities to its clients
CREDIT RATING AGENCIES IN INDIA

ONICRA Credit Rating Agency of India Ltd.

The Simple, Effective and Complete Rating Solution providers;
accredited by the Govt.
Tel: +91 (0)11 51654525
Fax: +91 (0)11 504 8501
Cellular Phone: +91 93121 14134
E-mail: santoshm@onicra.com

Credit Rating Information Services of India Limited (CRISIL)

Head office:
254/B, 2nd Floor, Nirlon House,
Dr. A.B. Road, Worli,
Mumbai - 400 025, India.
Tel : (91 22) 493 94 45 - 9
Fax : (91 22) 493 94 41
E-mail: rvasantraj@crisil.com

Ahmedabad Branch:
302/303, 3rd Floor, Paritosh Bldg,
Usmanpura,
Ahmedabad - 380 013, India.
Tel : (91 79) 755 0317 / 755 1533
Fax : (91 79) 755 2657
E-mail: aagarwal@crisil.com

Bangalore Branch:
W-101, Sunrise Chambers,
22, Ulsoor Road,
Bangalore - 560 042, India.
Tel : (91 80) 558 0899, 558 4801
Fax : (91 80) 559 4802
E-mail: nvenkatesh@crisil.com

Calcutta Branch:
Satyam Apartment,
142/1A, Sarat Bose Road,
Calcutta - 700 029, India.
Tel : (91 33) 475 99 33 / 4251, 475 42 65
Fax : (91 33) 475 42 51
E-mail: magarwal@crisil.com

Chennai Branch:
Mezzanine Floor, Thapar House,
43/44 Montieth Road, Egmore,
Chennai - 600 008
Tel : (91 44) 8546205/06 8569301/02 , 8546093
Fax : (91 44) 854 75 31
E-mail: mnarula@crisil.com

Hyderabad Branch:
6, Nagarjuna Hills, Punjagutta,
Hyderabad - 500 482
Tel : (91 40) 335 81 03/05
Fax : (91 40) 33 57 507
E-mail: aramaswamy@crisil.com

New Delhi Branch:

Hindustan Times Bldg
18/20, Kasturba Gandhi Marg
New Delhi - 110 001, India.
Tel : (91 11) 372 16 03, 332 20980 / 1073
Fax : (91 11) 372 16 05
E-mail: ruberoi@crisil.com

Pune Branch:
1187/17, Ghole Road
Shivaji Nagar
Pune 411 005, India.
Tel : (91 20) 329 064 - 7
Fax : (91 20) 329 068
E-mail: jchaney@crisil.com

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Investment Information and Credit Rating Agency of India (ICRA)

Head Office:
4th Floor, Kailash Building
26, Kasturba Gandhi Marg
New Delhi 110 001, India.
E-mail: vivek_m@icra.mailserve.net

Ahmedabad Branch:
Sakar -II, Ellisbridge, Ahemedabad- 380006
Tel: (91 792) 658 5049
Fax:(91 792) 658 4924
E-mail: icra.ahmedabad@elnet.ems.vsnl.net.in
Bangalore Branch:
6 Fl.,Vayudhoot Chambers,Trinity Circle,15-16 M.G.Road,
Bangalore-560001, India.
Tel: 91-80-5597401/ 4049
Fax: 91-80-5594065
E-mail: icra.bangalore@elnet.ems.vsnl.net.in

Calcutta Branch:
A-13, 5th Floor, FMC Fortuna, 234/ 3A, A.J.C. Bose Road,
Calcutta-700020, India.
Tel:(91 33) 287 0450/ 240 6617/ 8839/ 280 0008 Fax:91-33-2470728
E-mail: icra.calcutta@elnet.ems.net.in

Chandigarh Branch:
SCO 50-51, Second Floor, Sector 9D
Chandigarh, India.
Tel: (91-172) 743882, 743776
E-mail: icra.chandigarh@elnet.ems.vsnl.net.in

Chennai Branch:
5th Floor, Kurumuttu Centre, 498 Anna Salai, Nandanam, Chennai-600035, India.
Tel: (91 44) 433 3293/ 94, 434 0043/ 9659/ 8080, 433 0724,
Fax: (91 44) 4343663
E-mail: icra.madras@elnet.ems.vsnl.net.in

Hyderabad Branch:
Greendale, 1st Floor, No. 7-1-24/ 2/ D, Ameerpet, Hyderabad-500016, India.
Tel:(91 40) 373 5061 / 7251
Fax:(91 40) 373 5152
E-mail: icra.hyderabad@elnet.ems.vsnl.net.in

Mumbai Branch:
3rd Floor, Electric Mansion, Appasaheb Marathe Marg
Prabhadevi, Mumbai - 400 025
Tel: (91 22) 433 1046/ 1053/ 1062/ 1074/ 1086/ 1087
Fax: (91 22) 433 1390
E-mail: icra.mumbai@elnet.ems.vsnl.net.in

Pune Branch:
5A, 5th Floor, Symphony, SNO 210, CTS 3202
Range Hills Road
Shivajinagar, Pune-411 007, India.
Tel: (91 20) 220194-96
Fax: (91 20) 329231
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Credit Analysis & Research Limited (CARE)

Head Office:
5th Floor, Mahindra Towers
Dr G. M. Bhosale Marg
Worli, Mumbai 400 018, India.
Tel: (91 22) 492 5242 / 44, 493 2588 / 5627, 497 5574 / 75
Fax: (91 22) 497 3243
E-mail: care@careratings.com
Website: http://www.careratings.com

Ahmedabad Office:
85, 8th Floor, World Business House
Off. C.G. Road, Near Piramal Garden
Ahmedabad - 380 006, India.
Tel: (91 79) 464 794

Calcutta Office:
404 & 405 'Krishna Bldg'
224, A.J.C. Bose Road
Calcutta 700 017, India
Tel: (91 33) 240 9561 / 240 9438

Chennai Office:
22, Wellington Plaza
90, Anna Salai
Chennai 600 002, India.
Tel: (91 44) 853 0284 / 855 5876

New Delhi Office:

504, Indra Prakash
Barakhamba Road
New Delhi - 110 001, India.
Tel: (91 11) 331 8701 / 371 6199

Hyderabad Office:
Mahaveer House
4th Floor, Basheerbaug
Hyderabad-500 029
Tel: (91 40) 212 385 / 212 386
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Duff & Phelps Credit Rating India Private Ltd. (DCR India)

Head Office:
64, Atlanta
Nariman Point
Mumbai 400 021, India
(91-22) 282-8720 or 281-1814 or 281-7445
(91-22) 281-7447 (fax)
E-mail: dcrindia@bom3.vsnl.net.in

Calcutta Office:
N 214, North Block, Ideal Plaza
11/1, Sarat Bose Road
Calcutta 700 020, India
(91-33) 240-7608 or 280-1303
(91-33) 280-6505 (fax)
E-mail: dcrindia@cal.vsnl.net.in

Chennai Office:
F-14, Akshava Plaza
55/56 Aditanar Salai
Opp. Egmore Court
Chennai 600 002, India
(91-44) 859-4602 or 851-2046
(91-44) 859-4607 (fax)
E-mail: dcrindia@md3.vsnl.net.in

ONICRA Credit Rating Agency of India Ltd.

CORPORATE OFFICE
14, KAUSHALYA PARK, IInd FLOOR
HAUZ KHAS, NEW DELHI-110016
Tel.: (91-011) 26537520(D),26537517.
Fax: (91-011) 26524370

Mr. S.A. CHARI

EXECUTIVE DIRECTOR
Mobile : 98100 12529.
E-mail: sachari@onicra.com
Mr. MANMOHAN AGARWAL
CHIEF FINANCE OFFICER & HEAD-OPERATIONS.
Mobile : 98108 55738
E-mail: manmohana@onicra.com

Mr. SAI PRASAD RAO

ASSOCIATE V.P. - ASSOCIATE RATING
Mobile : 9844393422
Tel.: (080)30917763
E-mail: sai@onicra.com

Major LOKESH CHOPRA

CHIEF TECHNOLOGY OFFICER
Mobile : 98107 42872
Tel.: (91-11)5165 5562
E-mail: lokeshc@onicra.com

Ms. SHWETA GOVIL SINGH

CORPORATE HRD
Tel.: (91-011) 26537518(D)
E-mail: shwetag@onicra.com
E-mail: hrd@onicra.com

BRANCH OFFICES

AGRA
ONICRA CREDIT RATING AGENCY OF INDIA LTD
F-21, 22, Ist FLOOR, KAILASH PLAZA
MG ROAD,
NEAR SHAH TALKIES.
AGRA

Tel: (0562) 3956976,78.

Mobile: 097191 03900.
E-mail: agra@onicra.com

AHMEDABAD
ONICRA CREDIT RATING AGENCY OF INDIA LTD
601 WALLSTREET-1
OPP.ORIENT CLUB
NEAR GUJARAT COLLEGE
ELLIS BRIDGE
AHMEDABAD - 380006

CONTACT PERSON: GUNJAN DARBARI

Tel: (079) 55416374, 55246374
Mobile: 09824271055
E-mail: darbarig@onicra.com

AMRITSAR
ONICRA CREDIT RATING AGENCY OF INDIA LTD
JAMSON MOTORS , Ist FLOOR
OPP. PWD OFFICE
BATALA ROAD
AMRITSAR- 143001

CONTACT PERSON: Mr. SUKHINDER KUMAR

Tel. : (0183) 5099460
Mobile : 9815074991

BANGALORE
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
215, RICHMOND TOWERS
12, RICHMOND ROAD
BANGALORE - 560 025

CONTACT PERSON:SAI PRASAD RAO

Tel.: (080) 56983562, 30575782-86
Mobile: 9845405410

BAREILY
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
ROOM NO.29
HOTEL NEW KONARK
NEAR BUS STAND
BAREILY

CONTACT PERSON: PREM PRAKASH

Mobile: 9897893448
Email:bareily@onicra.com

BHATINDA
ONICRA CREDIT RATING AGENCY OF INDIA LTD
BATHINDA - 151001
CONTACT PERSON: HM-1109, MODEL TOWN
Tel.: (0164) 5001479.

CHANDIGARH
ONICRA CREDIT RATING AGENCY OF INDIA LTD
CABIN NO.:409
205, I.B.C.C CHAMBERS
SCO, 139-141
OPP. MEHFIL HOTEL
Sector 17-C
CHANDIGARH-160 017

CONTACT PERSON :Ms. MONICA SAWHNEY

Tel.: (0172) 5079155,5079157/58/59/60.
Mobile: 9815074989

CHENNAI
ONICRA CREDIT RATING AGENCY OF INDIA LTD
19, IInd FLOOR
II MAIN ROAD [TOP OF ARCHIES GALLARY]
RAJA ANAMALAIPURAM
CHENNAI- 600028

CONTACT PERSON: RAMESH VIJAYA KUMAR

Mobile: 9841047372
Tel: (044) 52031541, 55296047/48

COCHIN
ONICRA CREDIT RATING AGENCY OF INDIA LTD
Door No.-41/1064C
IInd FLOOR (w)
Golden Plaza Annex
Chittoor Road
Cochin-682018

CONTACT PERSON: SHERIN SAMUEL

Mobile: 9847863052

DELHI
ONICRA CREDIT RATING AGENCY OF INDIA LTD
14, KAUSHALYA PARK,
IInd FLOOR, HAUZ KHAS,
NEW DELHI - 110016
INDIA.

CONTACT PERSON: Mr. DEEPAK BAGATI

Mobile : 9818788833
Tel. : (91-011) 26537518.
Fax: (91-011) 26524370.
E-mail: deepakb@onicra.com

GOA
ONICRA CREDIT RATING AGENCY OF INDIA LTD
Room No.8, 2nd Floor
Villa Olivant Marchon
Near Geeta Bakery Market
Panjim
GOA-403001

CONTACT PERSON: SAKET SINHA

Mobile: 098224 89809.

GUWAHATI
ONICRA CREDIT RATING AGENCY OF INDIA LTD
4th FLOOR , BORBORA HOUSE
RAJGARH ROAD, NEAR BYLANE No. 2
GUWAHATI - 781003

CONTACT PERSON: SIDDHARTHA DUTTA

Mobile: 9864064043
Tel: (0361) 2462798

HYDERABAD
ONICRA CREDIT RATING AGENCY OF INDIA LTD
2ND FLOOR,B-BLOCK
JAYA MANSION
OPP: KAMAT HOTEL
SAROJINI DEVI ROAD, PARADISE
SECUNDERABAD - 500003

CONTACT PERSON: Mr. SHANKAR RAO

Mobile:9885439731
Phone:(040)- 55293502, 55292678
E-Mail: shankarr@onicra.com

JAIPUR
ONICRA CREDIT RATING AGENCY OF INDIA LTD
F - 56, Ist FLOOR, SUBHASH MARG
MAHESH MARG, C-SCHEME
JAIPUR

CONTACT PERSON: Mr.SHAILESH KHANDELWAL

Tel.: (0141)5540252, 5540253
Mobile: 98284 84000

JALANDHAR
ONICRA CREDIT RATING AGENCY OF INDIA LTD
HOUSE NO-356
MODEL TOWN
OPP. BAJAJ PET CLINIC
JALANDHAR- 141001

CONTACT PERSON: SATINDER PAL SINGH

Tel.: (95181) 5080653, 5080656
JAMSHEDPUR
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
LINE NO.9
SHOP NO.1
N ROAD
BISTUPUR
JAMSHEDPUR

CONTACT PERSON: RAKESH PANDEY

Tel.: (0657) 3095008
Mobile: 9934374001

KARNAL
ONICRA CREDIT RATING AGENCY OF INDIA LTD
SHOP NO.119, IIND FLOOR
KARAN COMMERCIAL CENTRE
OLD MUGHAL CANAL
KARNAL - 132001

Tel.: (0184) 5036097

KOLKATTA
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
7TH FLOOR
COMMERCE HOUSE
24 GANESH CHANDRA AVENUE
KOLKATTA - 700001
CONTACT PERSON: Mr. NITIN KUMAR

LUDHIANA
ONICRA CREDIT RATING AGENCY OF INDIA LTD
CABIN NO.303,4TH FLOOR
SCO-18
FEROZE GANDHI MARKET
LUDHIANA - 141001

CONTACT PERSON: Ms. MONICA SAWHNEY

Tel.: (0161) 5029795
Mobile: 9815074989

MEERUT
ONICRA CREDIT RATING AGENCY OF INDIA LTD
SHOP NO. A-222, IInd FLOOR,
KRISHNA PLAZA, TEJGARHI,
MEERUT-250001
CONTACT PERSON: NEERAJ BHARADWAJ
Tel.: (121) 5531881
Mobile:97191 03866
Mobile:98970 43765
Email: meerut@onicra.com

MUMBAI
ONICRA CREDIT RATING AGENCY OF INDIA LTD
602-B, DHANTHAK PLAZA
6TH FLOOR MAKWANA ROAD, MAROL
ANDHERI (EAST)
MUMBAI - 400059

CONTACT PERSON: NARAYAN PRASAD M JOSHI

Tel.: (022) 56781866/67, 56781868/69, 56781870/71
Mobile: 098218 09140
E-mail: prasadj@onicra.com

PATIALA
ONICRA CREDIT RATING AGENCY OF INDIA LTD
H.NO-B-31/123
SIRHINDI GATE
PATIALA-147001

CONTACT PERSON: Mr. DEV RAJ

Tel.: (0175)2201189
Mobile: 9815481700

PUNE
ONICRA CREDIT RATING AGENCY OF INDIA LTD
CABIN NO.11,SHREE BUSINESS CENTRE,
ASHWINI HEIGHTS,TILAK ROAD,
PUNE - 411030

Tel : (020) 4024834,4030899, 56024834

RANCHI
ONICRA CREDIT RATING AGENCY OF INDIA LTD
1st FLOOR
SHANTI NIKETAN APARTMENT
OPP : SRI DURGA COMPLEX
SHRADHANAND ROAD
RANCHI - 834001

CONTACT PERSON :RAKESH PANDEY

Tel : (0651)3096764, 3096769
Mobile : 9934374001
RAJKOT
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
312, SOMNATH COMM. COMPLEX
33/37, KARAN PARA
OPP. HOTEL SAMRAT
RAJKOT

SRINAGAR
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
SHAH GUEST HOUSE
ADJ. MODERN HOSPITAL
RAJBAGH
SRINAGAR
J&K

SURAT
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
SHOP NO-2, GROUND FLOOR
BABUBHAI CHAMBER, B/S.BANARSHI PAN CENTRE
OPP. ATHWA POLICE STATION, ATHWA GATE
SURAT - 395001

Tel : (0261) 5541374.

UDAIPUR
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
3RD FLOOR, MIRA PLAZA
SHAKTI NAGAR
UDAIPUR-3130001
CONTACT PERSON: VIKRAM KAUL

VADODARA
ONICRA CREDIT RATING AGENCY OF INDIA LTD.
202, YOGI SMRUTI APPARTMENTS
2 NUTANBHARAT SOCALKAPURI
VADODARA