India Ratings And Research (Ind-Ra)

Ind-Ra bases its ratings analysis and rating decisions, which are the agency's opinions, upon established criteria, methodologies and ratings definitions, and applies them in a consistent manner. These criteria, methodologies and ratings definitions identify the specific factors that Ind-Ra considers during the rating and surveillance processes. Therefore, ratings are the collective work product of India and no individual, or group of individuals, is solely responsible for a rating.

Ind-Ra seeks to continuously improve its ratings criteria and methodologies, and periodically updates the descriptions on this web site of its criteria and methodologies for securities of a given type. All published criteria reports, available on Ind-Ra’s website, are reviewed and approved prior to use by a Peer Review Committee (PRC) at least once in three years and proposals to amend criteria between reviews are required to be approved by PRC.  The criteria and methodology used to determine a rating action are those in effect at the time the rating action is taken, which is the date of the related rating action commentary. Each rating action commentary provides information about the criteria and methodology used to arrive at the stated rating, which may differ from the general criteria and methodology for the applicable security type posted on this site at a given time. For this reason, you should always consult the applicable rating action commentary for the most accurate information on the basis of any given rating.

In issuing and maintaining its ratings, Ind-Ra relies on factual information it receives from issuers and underwriters and from other sources Ind-Ra believes to be credible. Ind-Ra conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction.

The manner of Ind-Ra factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors.

Users of India Rating's ratings should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Ind-Ra relies on in connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Ind-Ra and to the market in offering documents and other reports. In issuing its ratings Ind-Ra must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed. All Ind-Ra reports have shared authorship. Individuals identified in a Ind-Ra report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only.

Ind Ra has also published many special reports which provide an insight into specific analytical treatments given to issues while rating corporates. While not being criteria, they give important insights into how criteria is applied and aid in understanding criteria. These are grouped separately in the ‘Special Reports’ section.

To access Ind-Ra' criteria, please click on the relevant links below:


Key Documents

Credit Policy


Corporates Special Reports

Financial Institutions

Infrastructure And Project Finance

Public Finance

Structured Finance

Mutual Fund

Cross Sector