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List of India Ratings Rated Bonds
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India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets with accurate, timely and prospective credit opinions. Ind-Ra has grown rapidly during the past decade, gaining a significant market presence in India's fixed-income market.
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| Name | Issue Size | Maturity | Coupon |
|---|---|---|---|
| Mahindra & Mahindra Financial Services Ltd | 80.00Cr | 24 Apr 2023 | 9.70 % |
| Punjab National Bank | 500.00Cr | 28 Mar 2024 | 9.68 % |
| Punjab National Bank | 500.00Cr | 03 Apr 2024 | 9.68 % |
| Indian Bank | 1500.00Cr | 27 Dec 2029 | 9.53 % |
| Mahindra & Mahindra Financial Services Ltd | 47.80Cr | 24 May 2023 | 9.50 % |
| Mahindra Rural Housing Finance Limited | 35.00Cr | 07 Aug 2028 | 9.40 % |
| Punjab National Bank | 500.00Cr | 09 Sep 2024 | 9.35 % |
| Rural Electrification Corporation Limited | 1955.00Cr | 25 Aug 2024 | 9.34 % |
| Mahindra Rural Housing Finance Limited | 75.00Cr | 22 Mar 2024 | 9.25 % |
| Mahindra Rural Housing Finance Limited | 35.10Cr | 01 Jun 2028 | 9.18 % |
All You Need To Know About India Ratings Rated Bonds
IntroductionAbout India Ratings & Research LimitedIndia Ratings Rating scaleRating methodology for NBFCsFinal WordIntroduction
India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets with accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining a significant market presence in India's fixed-income market.
Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies, and structured finance and project finance companies.
About India Ratings & Research Limited
Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India and the Reserve Bank of India.
Ind-Ra is a 100% owned subsidiary of the Fitch Group and currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies, and structured finance and project finance companies.
Fitch Group is a global leader in financial information services, with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; BMI Research, an independent provider of country risk and industry analysis specialising in emerging and frontier markets; and Fitch Learning, a preeminent training and professional development firm.
India Ratings Rating scale
Ind-Ra Rating Scale for Long-Term Securities [securities with original maturity exceeding one year]
| Ratings | Definition |
| IND 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. |
| IND AA | Securities with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk. |
| IND A | Securities with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such securities carry low credit risk. |
| IND BBB | Securities with this rating are considered to have a moderate degree of safety regarding timely servicing of financial obligations. Such securities carry moderate credit risk. |
| IND BB | Securities with this rating are considered to have a moderate risk of default regarding timely servicing of financial obligations. |
| IND B | Securities with this rating are considered to have a high risk of default regarding the timely servicing of financial obligations. |
| IND C | Securities with this rating are considered to have a very high risk of default regarding the timely servicing of financial obligations. |
| IND D | Securities with this rating are in default or are expected to be in default soon. |
Rating methodology for NBFCs
Key Rating Factors: The five key elements of Ind-Ra’s analysis of any FI, which are most frequently the main drivers of the rating decision, have been discussed at length in the FI master criteria. The relative importance of each in the ultimate rating decision can vary from institution to institution and according to specific circumstances. Ind-Ra’s specific analysis of NBFCs may expand or emphasise a few factors highlighted in the FI master criteria report.
Ratings for NBFCs: Ratings assigned to NBFCs follow Ind-Ra’s FI master criteria and typically include long- and short-term issuer ratings and ratings assigned to debt instruments issued by the NBFCs.
Scope is Nation-wide: The criteria discussed herein apply to all NBFCs ⎯ from those with solely local and specialised operations in a small market to those with nationwide operations and broad product ranges.
Final Word
Ind-Ra 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 India Ratings 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 Ind-Ra?
All Credit Rating Agencies, including Ind-Ra, 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.