WHY IN THE NEWS?
Crisil Ratings have upgraded credit outlook of India Inc to positive. It is a broad-based recovery for India Inc currently.
CRISIL is formerly called as Credit Rating Information Services of India Limited. It is an Indian analytical company that provided ratings, research, and risk & policy advisory services. It is a subsidiary of American company S&P Global. It was the first credit rating agency of India. ICICI and UTI jointly introduced the agency in 1988. It was started with share capital from SBI, LIC and United India Insurance Company. US based S&P rating agency acquired majority shares of Crisil in 2005.
What is Credit Rating?
It is a quantified assessment of creditworthiness of the borrower in general terms. It also assesses the creditworthiness with respect to particular debt or financial obligation. This rating can be assigned to any entity which seeks to borrow money including an individual, a state, a corporation, any provincial authority, or sovereign government. Credit assessment and evaluation for companies and governments is usually conducted by a credit rating agency like Moody’s, S&P Global, or Fitch Ratings. These rating agencies are paid by the entity who want credit rating for itself
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