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.
| 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 |
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.
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.
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.
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.
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.
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.