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NameIssue SizeMaturityCoupon
NTPC LimitedICRA AAAINE733E07CB1140.00Cr06 Nov 202311.25 %
Kotak Mahindra Prime LimitedICRA AAAINE916D08DT240.00Cr22 Jun 202310.50 %
Tata Capital Housing Finance LimitedICRA AAAINE033L0817148.00Cr26 Sep 202410.15 %
Bajaj Finance LimitedICRA AAAINE296A08714500.00Cr19 Sep 202410.15 %
Tata Sons Private LimitedICRA AAAINE895D07446300.00Cr20 Mar 20249.90 %
Sundaram Finance LimitedICRA AAAINE660A08BR0100.00Cr12 Nov 20249.80 %
Sundaram Finance LimitedICRA AAAINE660A08BQ225.00Cr10 Nov 20249.80 %
Sundaram Finance LimitedICRA AAAINE660A08BZ3125.00Cr24 Nov 20289.75 %
Tata Sons Private LimitedICRA AAAINE895D07396305.00Cr13 Jan 20249.74 %
Canara BankICRA AAAINE476A092491500.00Cr03 Jan 20249.73 %

Introduction

ICRA credit ratings convey its opinion about a debt obligation in a symbolic form. The ratings are assigned in terms of INR-denominated debt obligation. The ratings indicate the risk of default on the instruments. Good credit ratings indicate responsible behaviour of the organisation and a good repayment history. ICRA credit ratings only signify the relative credit risk and not any other relative risk arising out of macroeconomic changes.

About ICRA

Formerly known as the Investment Information and Credit Rating Agency of India Limited, ICRA was incorporated in 1991. It is an independent & professional investment information and credit rating agency. Specialised in providing assigning corporate governance ratings, mutual fund ratings, structured finance ratings, etc., ICRA uses a transparent rating system.

Their services are designed to provide guidance and information to institutional and individual investors and creditors. They boost the ability of the borrower to access the money market and capital market for exploring the broader range of investment products available.

Instruments Rated by ICRA

ICRA rates rupee-denominated debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings and municipalities, among others. ICRA also rates structured obligations and sector-specific debt obligations, such as instruments issued by Power, Telecom and Infrastructure companies. 
The other services offered include Credit Risk Rating of Debt Mutual Funds, an Independent Credit Evaluation (ICE) of the residual debt in entities under the RB's framework for resolution of stressed assets and Rating of security receipts issued by Asset Reconstruction Companies (ARCs) as required by RBI.

ICRA Rating scale

For securities with an original maturity exceeding one year, the ICRA rating scale is as follows:

[ICRA]AAA Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry the lowest credit risk.

[ICRA]AA Securities with this rating are considered to have a high degree of safety regarding the timely servicing of financial obligations. Such securities carry very low credit risk.

[ICRA]A Securities with this rating are considered to have adequate safety regarding the timely servicing of financial obligations. Such securities carry low credit risk.

[ICRA]BBB Securities with this rating are considered to have a moderate degree of safety regarding the timely servicing of financial obligations. Such securities carry moderate credit risk.

[ICRA]BB Securities with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.

[ICRA]B Securities with this rating are considered to have a high risk of default regarding timely servicing of financial obligations.

[ICRA]C Securities with this rating are considered to have a very high risk of default regarding timely servicing of financial obligations.

[ICRA]D Securities with this rating are in default or are expected to be in default soon.

 

Note: For the rating categories [ICRA]AA through to [ICRA]C, the modifiers + (plus) or – (minus) may be appended to the rating symbols to indicate their relative position within the rating categories concerned. Thus, the rating of [ICRA]AA+ is one notch higher than [ICRA]AA, while [ICRA]AA- is one notch lower than [ICRA]AA.

Rating Methodology

ICRA ratings are based on an in-depth study of the industry and an evaluation of the strengths and weaknesses of the company. The inherent protective factors, marketing strategies, competitive edge, level of technological development, operational efficiency, competence and effectiveness of management, hedging of risks, cash flow, trends and potential, liquidity, financial flexibility, government policies, record of debt servicing, sensitivity to possible changes in business/economic circumstances are looked into.

How long does a Rating remain valid?

Once the company has accepted a rating, ICRA continuously monitors the corporate, and the rating is monitored till the life of the instrument. The process is known as surveillance. During the surveillance period, all changes affecting the company are taken into account, and the rating, if necessary, is changed upwards or downwards. In other words, a rating is valid during the instrument's life unless changed. What does the suffix + or - with the Rating mean? The suffix + or - may be used with the rating symbol to indicate the comparative position of the instrument within the group covered by the symbol. Thus MAA- lies one notch above MA+.

Final Word

ICRA 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 ICRA Rated Bonds

What is a Credit Rating?

Credit Rating is the opinion provided by the Credit Rating Agencies about an issuer's creditworthiness towards a particular security. This defines whether the borrower will be able to repay the debt.

Who regulates ICRA?

All Credit Rating Agencies, including ICRA, are regulated by the Securities and Exchange Board of India (SEBI) and monitored regularly.

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.