Infrastructure Developer — Long Term AA−
Pharma Manufacturer — Long Term AA+
Regional NBFC — NCD Rating BBB+
Steel Producer — Bank Loan A
Textile Exporter — Long Term BB+
Auto Component Mfr — Short Term A1+
Cement Producer — Long Term AA
Chemical Exporter — IPO Grading A−
Infrastructure Developer — Long Term AA−
Pharma Manufacturer — Long Term AA+
Regional NBFC — NCD Rating BBB+
Steel Producer — Bank Loan A
Textile Exporter — Long Term BB+
Auto Component Mfr — Short Term A1+
Cement Producer — Long Term AA
Chemical Exporter — IPO Grading A−
Our Ratings

Comprehensive Rating Solutions

Preparatory ratings across all major asset classes, entity types, and instrument categories

Entity & Instrument Ratings

Corporates

Long-term, short-term, and instrument-specific preparatory ratings for manufacturing, services, and trading companies

Entity Ratings

Long Term Ratings (AAA to D)

Assessment of a company's overall creditworthiness and ability to meet long-term financial obligations. Suitable for term loans, debentures, and bonds with maturities exceeding one year. Our 7-factor model is calibrated to match CRISIL and ICRA long-term rating criteria.

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Short Term Ratings (A1+ to D)

Assessment of a company's ability to meet short-term obligations — commercial paper, working capital facilities, and short-term deposits. Based on liquidity, current ratio, and cash conversion cycle analysis.

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Key Metrics Assessed

For corporate ratings, our AI engine analyses:

  • Revenue Growth (3-Year CAGR)
  • Debt / Equity Ratio
  • Interest Coverage Ratio (EBIT / Interest)
  • Current Ratio
  • Net Profit Margin (%)
  • Operating Cash Flow / Debt
  • Market Position & Competitive Moat
  • Management Track Record & Quality
  • Customer & Supplier Concentration
Banks, NBFCs & HFCs

Financial Institutions

Specialist preparatory ratings for banks, NBFCs, housing finance companies, and insurance firms

Key Metrics Assessed

  • Capital Adequacy Ratio (CAR)
  • Gross / Net NPA Ratio
  • Provision Coverage Ratio (PCR)
  • Return on Assets (RoA)
  • Net Interest Margin (NIM)
  • Asset-Liability Maturity (ALM) Profile
  • Funding Diversification
  • Regulatory Compliance Track Record
Project & Structured Finance

Infrastructure & Project Finance

Preparatory ratings for infrastructure projects, structured obligations, and public finance instruments

Key Metrics Assessed

  • Debt Service Coverage Ratio (DSCR)
  • Project Life Coverage Ratio (LLCR)
  • Debt / Equity in the SPV
  • Counterparty & Off-take Risk
  • Construction & Execution Risk
  • Regulatory & Concession Risk
  • Liquidity & Debt Service Reserve
Municipal & Sovereign-Linked

Public Finance

Preparatory ratings for municipal corporations, urban local bodies, and public sector entities

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Municipal / Urban Local Body Rating

Assessment of ULBs and municipal corporations issuing municipal bonds. Evaluates revenue base, fiscal discipline, governance, and project execution capability.

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Public Sector Undertaking (PSU) Rating

Credit assessment for central and state PSUs, considering sovereign support, strategic importance, and standalone financial strength. For both long-term and short-term instruments.

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Pooled Finance / Water & Sanitation

Specialist ratings for pooled municipal debt structures and water/sanitation project finance, with sector-specific revenue model and sustainability analysis.

Securitisation & ABS

Structured Finance

Preparatory ratings for securitisation transactions, covered bonds, and asset-backed structures

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Direct Assignment / PTC Transactions

Assessment of pool quality, originator underwriting standards, credit enhancement levels, and cash flow waterfall structures for securitisation transactions. Covers retail loan pools, SME loans, and microfinance receivables.

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Covered Bonds & Asset-Backed Securities

Dual-recourse analysis for covered bond structures, including cover pool quality assessment, over-collateralisation sufficiency, and legal isolation review.

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Loan Pool & Receivables Rating

Static and revolving pool analysis, prepayment and delinquency modelling, servicer quality assessment, and stress testing under multiple macroeconomic scenarios.

Specialist & Niche

Other Ratings

Specialised preparatory rating solutions for infrastructure debt funds, stressed assets, fixed deposits, and independent credit evaluations

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Infrastructure Debt Fund Rating

Preparatory assessment for IDFs (both NBFC-IDF and MF-IDF structures) evaluating portfolio quality, sponsor strength, leverage, liquidity, and regulatory compliance with RBI IDF guidelines.

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Non-Performing Assets (NPA) Evaluation

Independent assessment of stressed asset resolution plans, recovery estimates, and sustainable debt levels. Supports lenders, ARCs, and resolution applicants in evaluating NPA portfolios under IBC and RBI frameworks.

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Fixed Deposit Credit Ratings

Assessment of a company's ability to repay fixed deposit obligations on time. Covers both manufacturing and financial sector FD programmes, with analysis of asset-liability matching and liquidity buffers.

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Independent Credit Evaluation (ICE)

Confidential, detailed credit assessment for banks and financial institutions evaluating large corporate exposures under RBI's Large Exposures Framework. Covers business, financial, management, and industry risk — without triggering public disclosure.

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