ICRA Limited (ICRA) is an Indian independent and professional investment information and

credit rating agency A credit rating agency (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtor's ability to pay back debt by making timely principal and interest payments and the likelihood of Default (finance), default ...

. The company was established in 1991, and was originally named ''Investment Information and Credit Rating Agency of India Limited'' (IICRA India). It was a joint-venture between

Moody's Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international ...

and various Indian commercial banks and financial services companies. The company changed its name to ''ICRA Limited'', and went public on 13 April 2007, with a listing on the

Bombay Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange i ...

and the National Stock Exchange. As of end December 2020,

Moody's Corporation Moody's Corporation, often referred to as Moody's, is an American business and financial services company. It is the holding company for Moody's Investors Service (MIS), an American credit rating agency, and Moody's Analytics (MA), an American ...

owns a 51.86% majority stake.

ICRA Credit Rating

ICRA's credit ratings are symbolic representations of its current opinion on the relative credit risks associated with the rated debt obligations/issues. These ratings are assigned on an Indian (that is, national or local) credit rating scale for

Indian Rupee The Indian rupee ( symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 ''paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use w ...

denominated debt obligations. ICRA ratings may be understood as relative rankings of credit risk within India. ICRA ratings are not designed to enable any rating comparison among instruments across countries; rather, these address the relative credit risks within India. ICRA's ratings (other than Structured Finance Ratings) in the investment grade convey the relative likelihood of default, i.e., the possibility of the debt obligation not being met as promised. All other ratings, including Structured Finance Ratings, reflect both the

probability of default Probability of default (PD) is a financial term describing the likelihood of a default over a particular time horizon. It provides an estimate of the likelihood that a borrower will be unable to meet its debt obligations. PD is used in a variet ...

and the severity of loss on default, i.e., the expected loss against the rated debt obligation. Credit ratings aside, ICRA also assigns Corporate Governance Ratings, besides Performance Ratings, Gradings and Rankings to mutual funds, construction companies and hospitals.

Group Companies

As of August 2020, ICRA Ltd. operates the following subsidiaries: # ICRA Lanka Limited (ICRA Lanka) – credit rating agency licensed by the Securities and Exchange Commission of Sri Lanka (SEC) incorporated in December 2010 and was granted license by the SEC in May 2011. # ICRA Nepal Limited (ICRA Nepal) – first Credit Rating Agency in Nepal incorporated on 11 November 2011 and granted licence by the Securities Board of Nepal (SEBON) on 3 October 2012. # ICRA Analytics Limited – analytics and digital platforms for risk management, market data, consulting and knowledge services. ICRA Analytics was formed from the merger of ICRA Online Limited (ICRON) and ICRA Management Consulting Services Limited (IMaCS) in October 2019. The following business formerly were part of the ICRA Group of Companies: # PT ICRA Indonesia (ICRAIndo) – ICRA pulled out of the Indonesia market in June 2015. # ICRA Techno Analytics Limited (ICTEAS) – ICTEAS was acquired by Pune-based global consulting and IT services solutions integrations company Nihilent Technologies in August 2016 for INR 687.5 million (US$10 million) and renamed Nihilent Analytics.

References

{{Authority control Credit rating agencies in India Companies based in Gurgaon Indian companies established in 1991 1991 establishments in Haryana Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange