Products & Services

These services cover Bank Loans, Insurance, and Public Finance under the guidelines of the RBI, as well as services covered by other Financial Sector Regulators (FSR) such as the Ministry of Corporate Affairs (MCA).

Fund-Based Bank Loan Ratings

Working Capital Limits, Bill Purchase Facility, Term Loan Facility, Packing Credit for Exporters, Post Export Bill Discount Facility, Buyers’ Credit, and External Commercial Borrowing (ECB) / Loans from Overseas Lenders / Loans from Multilaterals.

Non-Fund Based Bank Loan Ratings

Guarantees, Letters of Credit (Inland and Foreign), Stand-by Letters of Credit, and Forward Contracts.

BFSI Sector Ratings

Certificates of Deposits (CDs) issued by Banks, Fixed Deposits issued by Banks/NBFCs/HFC/FIs, Sub-ordinated Debt Instruments, and Tier I/AT1/Tier II Instruments for Banks under BASEL regulations.

Public Finance & Infrastructure

Ratings for Public Sector Undertakings (PSUs), State Governments, Municipal and Urban Local Bodies (ULB), Government Projects, Public-Private Partnerships, and Private Projects.

Structured Finance Ratings

Unlisted Pass-Through Certificates (PTCs), Asset-Backed Securities (ABS), Mortgage-Backed Securities (MBS), Assignee Payouts, Structured Obligations (SOs), and Pooled Loan Issuance (PLI) (originated by entities regulated by RBI).

Stressed Assets & Recovery

Independent Credit Evaluation (ICE) of Resolution Plans, Rating of Securitization Products, and Recovery Risk Ratings for unlisted Security Receipts issued by Asset Reconstruction Companies (ARCs).

Short-Term Instruments

Commercial Papers (CPs) and Short-Term Non-Convertible Debentures (NCDs) with an original maturity of less than one year.

Expected Loss (EL) Ratings

Specialized EL Ratings for Operational Infrastructure Projects and ULBs.

Services which are normally not covered by regulations of SEBI/RBI but ordinarily covered by other FSR (e.g., MCA):

Capital Market Instruments

Ratings for unlisted Bonds, Non-Convertible Debentures (NCDs), Preference Shares and other unlisted market securities.

Fixed Deposits

Fixed Deposits raised by Corporates (other than Banks/NBFCs/HFCs/Fis).

Inter Corporate Deposits

Ratings for deposits or loans extended between corporate entities.

Unlisted PTCs/Securitisation Notes

Ratings for Unlisted Pass-Through Certificates (PTCs) and Securitisation Notes originated by entities not regulated by the RBI.

Other Ratings

Provisional Ratings and Ratings of Financial Instruments under the respective guidelines of relevant Financial Sector Regulators (FSR) or Authorities.