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NameIssue SizeMaturityCoupon
NTPC LimitedCRISIL AAAINE733E07CB1140.00Cr06 Nov 202311.25 %
HDB Financial Services LimitedCRISIL AAAINE756I08041100.00Cr17 Oct 202310.20 %
HDB Financial Services LimitedCRISIL AAAINE756I0806680.00Cr18 Mar 202410.19 %
Tata Capital Financial Services LimitedCRISIL AAAINE306N08029100.00Cr26 Sep 202410.15 %
Tata Capital Housing Finance LimitedCRISIL AAAINE033L0817148.00Cr26 Sep 202410.15 %
Bajaj Finance LimitedCRISIL AAAINE296A08714500.00Cr19 Sep 202410.15 %
HDB Financial Services LimitedCRISIL AAAINE756I0805850.00Cr20 Dec 202310.05 %
Tata Capital Housing Finance LimitedCRISIL AAAINE033L081630.40Cr18 Mar 202410.00 %
Kotak Investment Advisors LimitedCRISIL AAAINE03BW0806980.00Cr26 Sep 202510.00 %
Tata Capital Housing Finance LimitedCRISIL AAAINE033L081557.70Cr10 Jan 202410.00 %


Credit ratings provided by CRISIL on the debt obligation are its view on whether the obligation will be repaid. The ratings indicate the risk of default on the instruments. Good credit ratings indicate responsible behaviour of the organisation and a good repayment history. The ratings are expressed in alphanumeric symbols under five categories: long-term, short-term, structured finance, credit enhancements and corporate credit rating.


Credit Rating Information Services of India Limited (CRISIL) is India's leading and innovative rating agency that provides data, research, and analytics. Incorporated in January 1987, CRISIL was India’s first rating agency. The majority owned by S&P Global Inc, CRISIL is a leading provider of ratings and ranking to companies that have helped over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.
A credit rating by CRISIL Ratings reflects its current opinion on the probability of default of the rated security. The credit rating conveys the likelihood of the issuer not repaying interest and principal obligations on time and per the terms of the rated instrument. The possibility is reflected in an easily understandable alphanumeric scale, with ratings such as ‘CRISIL AAA’, ‘CRISIL AA’, ‘CRISIL A’, ‘CRISIL A1’ and ‘CRISIL A2’.

What are the instruments that are rated?

CRISIL rates the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. 
They have rated over 35,000 large and mid-scale corporates and financial institutions. They have also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).

CRISIL Rating Scale

CRISIL Ratings assigns ratings according to the following 6 categories:

  • Long-term: The term ‘long-term instruments’ indicates bonds, debentures, other debt securities, bank loans and other fund-based facilities with a maturity of more than one year. Long-term ratings are assigned on a 20-point scale, from ‘CRISIL AAA’ to ‘CRISIL D.’
  • Short-term: The term ‘short-term instruments’ indicates commercial papers, short-term debentures, certificates of deposit, intercorporate deposits, working capital borrowings and other fund and non-fund-based facilities with a maturity of one year or less. Short-term ratings are assigned on a 9-point scale, from ‘CRISIL A1’ to ‘CRISIL A4’ and ‘CRISIL D’, denoting default.
  • Dual ratings: CRISIL Ratings assigns dual ratings (ratings on both long-term and short-term scales) to debt instruments with a maturity of more than one year and a put option exercisable within one year from the issue date. The first component of the long-term rating addresses the likelihood of timely payment of principal and interest over the instrument's life. In contrast, the rating on the short-term scale indicates the probability of timely payment on the instrument by the issuer if the put option is exercised. An example of dual rating is ‘CRISIL AA+/CRISIL A1+’.
  • Structured obligation ratings (SO): CRISIL Ratings assign ratings to long- and short-term structured finance instruments using the suffix SO. These ratings are assigned only to securitised or asset-backed transactions with credit enhancement/structure, leading to the instrument being remotely bankrupt by the issuer/originator.
  • Credit enhancement (CE) ratings: CRISIL Ratings assigns the suffix CE to ratings on long- and short-term instruments that are backed by explicit credit enhancement that is external (from a third party, parent or group), but the rated instrument is not bankruptcy remote from the issuer/originator.
  • Corporate credit ratings (CCR): CRISIL Ratings assigns corporate credit ratings to issuers on a scale ranging from ‘CRISIL AAA’ to ‘CRISIL D’. These ratings indicate the degree of safety of the issuer or the rated entity concerning the timely servicing of the debt obligation. CRISIL Ratings also assigns these ratings to insurance companies to indicate their financial strength or ability to meet policyholder obligations.

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Rating Validity

The ratings provided by CRISIL are continuously monitored until the debt is fully paid. Ratings can be changed at any point in time depending upon the change in business and financial risk profile of the debt issuer or the industry in which they operate. This is why the validity of the rating is not mentioned in any of the rating communications provided by CRISIL, including rating rationales and credit rating reports. Any change in the organisation's ratings is updated on the CRISIL website in real-time.

Final Word

CRISIL does proper due diligence and then offers ratings to the debt issuers depending on their creditworthiness. You should always check the risks associated with the instrument in which you are investing to avoid losing money, and rating scales are one of the best measures to help your decision-making.

FAQs about CRISIL Rated Bonds

Who regulates CRISIL?

All Credit Rating Agencies, including CRISIL, are regulated by the Securities and Exchange Board of India (SEBI) and monitored regularly. CRISIL Ratings is also accredited by the Reserve Bank of India (RBI) for providing bank loan ratings.

Is the CRISIL rating reliable?

CRISIL is the oldest rating agency in India, incorporated in January 1987. They are reliable because they do thorough research and check every variable possible. Many fund houses use CRISIL rating as their USP.

Why does a credit rating change?

Credit rating is provided to an instrument depending on certain assumptions and expectations that impact the issuer's performance. However, these can change depending upon various micro and macroeconomic variables, leading to ratings changes.

Disclaimer: The facts and information on this page are for information and awareness purposes only. No information provided here is intended towards any specific user and should not be construed as investment advice or a recommendation of any kind whatsoever. You are requested to consult with your professional investment advisor or tax advisor for specific directions on any investments in any securities including the bonds mentioned on this page before making any investment decision. Wint Wealth shall not be liable for any losses incurred by you based on an investment decision utilising the information on this page.