Credit rating agencies in India

The Indian credit rating industry has developed over a period of time. Indian credit rating industry mainly comprises of CRISIL, ICRA, FITCH, CARE, ONICRA and SMERA. The recently released Economic Survey 2016-17 had a devoted an exclusive space to describe the quandary between growth estimates and analysis by credit rating agencies.

The credit rating reflects the pay back abilities of individuals or company. Here we are giving the important credit rating agencies in India which are important for UPSC IAS Prelims, SSC CGl, Bank P O exam etc.


  • This full-service rating agency is the major credit rating agency in India, with a market share of more than 60%.
  • It is offering its services in financial, manufacturing, service, and SME sectors.
  • The head quarter of CRISIL is in Mumbai
  • The majority stake of CRISIL was held by the world’s largest rating agency Standard & Poor’s.

Credit Analysis and Research Limited Ratings (CARE) Ratings

  • Credit Analysis and Research Limited Ratings was established in 1993.
  • It is supported by Canara Bank, Unit Trust of India (UTI), Industrial Development Bank of India (IDBI) and other financial and lending institutions.
  • This is considered as the second largest credit rating company in India.
  • The head quarter of Credit Analysis and Research Limited Ratings is in Mumbai

Small and Medium Enterprises Rating Agency (SMERA)

  • It is a rating agency entirely created for the rating of Small Medium Enterprises.
  • It is a joint enterprise by SIDBI, Dun & Bradstreet Information Services India Private Limited (D&B) and some chief banks in India.
  • The head quarter of SMERA is in Mumbai
  • It has accomplished 7000 ratings.

ONICRA Credit Rating Agency

  • It was incorporated by Mr. Sonu Mirchandani in 1993
  • It investigates data and arranges for possible rating solutions for Small and Medium Enterprises and Individuals.
  • The head quarter of ONICRA Credit Rating Agency is located in Gurgaon
  • It has a broad experience in performing a wide range of areas such as Accounting, Finance, Back-end Management, Analytics, and Customer Relations. It has rated more than 2500 SMEs.

Fitch (India Ratings & Research)

  • Fitch Ratings is a global rating agency dedicated to providing the world’s credit markets with independent and prospective credit opinions, research, and data.
  • The head quarter of Fitch Ratings is in Mumbai.


  • It was created in 1991 by prominent financial institutions and commercial banks in India with a devoted crew of experts for the MSME sector
  • Moodys, which is considered as the International credit rating agency holds the major share.


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