ICRA Limited, established in 1991, is a prominent Indian credit rating agency. It provides ratings for rupee-denominated debt instruments issued by various entities including manufacturing firms, banks, NBFCs, and public sector undertakings. ICRA also offers ratings for structured obligations, sector-specific debt instruments, and the claims-paying ability of insurance companies. Additionally, it provides corporate governance ratings, stakeholder value assessments, and credit risk ratings for debt mutual funds. With offices across major Indian cities, ICRA has expanded its services to include project finance ratings, real estate development grading, and mutual fund management quality grading.
The company has formed strategic collaborations, notably with Moody's Risk Management Services, enhancing its credit education and risk management offerings. Moody’s now holds a significant stake in ICRA. Throughout its history, ICRA has pioneered various rating methodologies and services, including the first rating of non-life insurance companies and REIT vehicles in India. It has also been involved in innovative rating structures like Revolver Structures and the securitization of trade receivables.
