A credit rating is a rating agency's opinion of how likely an issuer is to pay a bond's interest and principal in full and on time, on a scale from AAA (highest safety) to D (in default).
In India, bonds and NCDs offered to the public or listed on an exchange must be rated by a credit rating agency registered with SEBI. The main agencies are CRISIL, ICRA, CARE Ratings, India Ratings and Research, Acuité and Infomerics. Each rates a specific instrument, so one company can have different ratings on different bonds, and different agencies can rate the same bond differently.
The long-term scale runs AAA, AA, A, BBB, BB, B, C and D. AAA to BBB- is investment grade; BB+ and below is speculative. "+" and "-" rank bonds within a grade, and an outlook shows the likely direction.
A rating is an opinion at a date, paid for by the issuer, and it can change at any time. Agencies publish a press release with the rationale for every rating action; that rationale is the most useful thing to read before buying a bond.
Issuers by rating grade
Issuers on Bond Interpretation with a current rating shown on their page: 637 investment grade (BBB- or better) and 77 below investment grade.
Data as of 5 Nov 2026 (snapshot 20261105-2032). Methodology and sources
Related
Related terms: Investment grade · Rating outlook · Rating downgrade · Credit enhancement (CE) · Bond default
Before investing, look up the issuer: all its outstanding bonds, rating history and disclosure documents.
This page is for information only. It is not investment advice, a credit rating or a recommendation to buy, sell or hold any security. Facts are taken from the issuer's own documents and the sources linked on this page; check them with the source before investing.
