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Credit Rating Agencies (CRA) are entities that measure the financial capability of large-scale borrowers, such as businesses or governments. They securitize and rate the organization’s ability to fulfil its debt obligations in particular. The major CRAs in India are CRISIL, ICRA, ONICRA, CARE, CIBIL™, SMERA, and others.
Who Pays For The Credit Rating?
In India, the issuer company generally pays for the credit rating.
How does a CRA preserve its independence if the issuer pays for the rating?
Despite the fact that the issuer pays for the ranking, the investor makes use of it. The 'worth' of the rating, like every other good or service, is solely dependent on the investor's expectations. Investor expectations are focused on the reliability of each rating agency's previous ratings.
Who oversees the operations of credit rating agencies?
The SEBI oversees credit rating agencies. The SEBI (Credit Rating Agencies) Regulations, 1999 regulate credit rating agencies and include, among other things, eligibility criteria for credit rating agency registration, monitoring and examination of ratings, standards for a proper rating procedure, conflict of interest avoidance, and SEBI inspection of rating agencies.