Overview
CRISIL Limited is an Indian analytical company that provides credit ratings, research, risk and policy advisory services. Headquartered in Mumbai, it was the first credit rating agency to be established in India and is today a subsidiary of S&P Global. CRISIL operates across the financial services industry, rating debt instruments, banks and non-banking financial companies, and producing research on Indian and global economies, industries and capital markets.
Key facts
| Type | Public company |
|---|---|
| Industry | Credit rating, research and risk advisory |
| Founded | 1987 |
| Headquarters | Mumbai, Maharashtra, India |
| Parent | S&P Global |
| Listed on | BSE, NSE |
| Country | India |
Background
CRISIL was originally incorporated as the Credit Rating Information Services of India Limited. It was promoted by ICICI and the Unit Trust of India (UTI), along with other Indian financial institutions and banks, to introduce the concept of independent credit rating to the Indian debt market. The company was set up at a time when capital markets in India were beginning to broaden beyond bank finance, and rating of debt instruments was emerging as an essential element of investor protection.
History
- 1987: CRISIL incorporated as India's first credit rating agency, with ICICI and UTI among its main promoters.
- 1988: Began commercial operations, assigning ratings to debentures, fixed deposits and commercial paper of Indian issuers.
- 1993: Listed its equity shares on Indian stock exchanges.
- 1996: Entered into a strategic business alliance with Standard & Poor's (S&P).
- 2005: Standard & Poor's acquired a majority stake in CRISIL, making it part of the S&P group.
- 2005: Acquired Irevna, a global equity research and analytics firm, expanding into offshore research services.
- 2016: Following the reorganisation of McGraw Hill Financial into S&P Global, CRISIL became a subsidiary within the S&P Global structure.
Business segments
Ratings
CRISIL Ratings assigns credit ratings to long-term and short-term debt instruments, bank loans, structured finance transactions, and to issuers including corporates, banks, NBFCs, public sector undertakings, state governments and small and medium enterprises. It is registered with the Securities and Exchange Board of India (SEBI) as a credit rating agency and is also accredited by the Reserve Bank of India for bank loan ratings under the Basel framework.
Research
CRISIL Research produces analysis on the Indian economy, industries and companies, and is widely cited by policymakers, regulators, banks and investors. The Global Research & Analytics business, built around the former Irevna and Coalition operations, provides offshore research, risk analytics and benchmarking services to global banks, asset managers and corporations.
Advisory
The advisory business, operating through CRISIL Risk and Infrastructure Solutions and related units, advises governments, regulators, multilateral agencies and infrastructure companies on policy, public finance, infrastructure development and risk management.
SME ratings and financial inclusion
CRISIL has rated a large number of small and medium enterprises in India, often under schemes supported by the Ministry of Micro, Small and Medium Enterprises and the National Small Industries Corporation. These ratings are designed to help smaller borrowers access bank finance on improved terms.
Significance
As the country's first credit rating agency, CRISIL played a foundational role in shaping the framework for debt market analysis in India. Its rating scales and methodologies influenced the practices later adopted by other Indian rating agencies, and its research output is widely used as a reference point on Indian credit and macroeconomic conditions. Through its association with S&P Global, the firm also links Indian capital markets to international analytical standards.
Related topics
- Credit rating agency
- ICRA Limited
- CARE Ratings
- S&P Global
- Securities and Exchange Board of India
- Reserve Bank of India
- ICICI
- Unit Trust of India
- Indian debt market
References
- Wikidata entity: Q5013889
- Securities and Exchange Board of India — list of registered credit rating agencies.
- S&P Global — corporate disclosures regarding CRISIL.