Credit rating agencies (CRAs) play a critical role in financial markets by assessing the creditworthiness of debt instruments, companies, and financial products. In India, CRISIL, ICRA, CARE Ratings, India Ratings & Research, and Brickwork Ratings are among the key players. Each agency has unique strengths, ownership structures, and market positions.
| Agency | Market Share (%) | Global Affiliation | Specialization Areas | Industry Recognition |
|---|---|---|---|---|
| CRISIL | ~30% | S&P Global | Diversified (corporate, financial, research) | Highest credibility & extensive data analytics |
| ICRA | ~20% | Moody’s | Structured finance, corporate ratings | Strong presence in debt market |
| CARE Ratings | ~18% | None (Indian-owned) | SME, infra, financial institutions | Well-trusted among mid-sized firms |
| India Ratings | ~15% | Fitch Ratings | Public finance, infra, corporate | Institutional investor credibility |
| Brickwork Ratings | ~5-7% | None | SME, bank loans, municipal bonds | Niche but growing player |
CRISIL dominates the Indian rating industry due to its global connection and deep market penetration. ICRA and CARE Ratings follow, with strong positions in structured finance and SME ratings, respectively. India Ratings benefits from Fitch’s expertise, while Brickwork Ratings remains a niche player.
| Agency | Revenue (FY23) | Profitability | Growth Prospects |
|---|---|---|---|
| CRISIL | ₹2,700 Cr | High | Strong due to research & advisory expansion |
| ICRA | ₹900 Cr | Moderate | Steady, backed by Moody’s expertise |
| CARE Ratings | ₹600 Cr | Moderate | Good, driven by SME & infra growth |
| India Ratings | ₹450 Cr | Moderate | Expanding in municipal & infra ratings |
| Brickwork Ratings | ₹200 Cr | Low | Limited, faces credibility challenges |
CRISIL remains the revenue leader, benefiting from its diversified portfolio. ICRA and CARE Ratings maintain steady profitability, while India Ratings is growing in public sector ratings. Brickwork Ratings, though small, is expanding in SME segments.
| Agency | Strengths | Weaknesses |
|---|---|---|
| CRISIL | Global backing, diversified services, strong analytics | Higher costs, perceived bias due to global ownership |
| ICRA | Moody’s support, structured finance expertise | Relatively lower market share than CRISIL |
| CARE Ratings | Strong domestic brand, cost-effective ratings | Lacks international backing |
| India Ratings | Fitch expertise, strong debt market credibility | Limited visibility compared to CRISIL & ICRA |
| Brickwork Ratings | Niche expertise in SME, growing market share | Lower credibility, regulatory scrutiny |
CRISIL’s global connection and extensive data analytics set it apart, while ICRA and India Ratings benefit from their international affiliations. CARE Ratings remains a cost-effective domestic leader, whereas Brickwork Ratings is still establishing credibility.
The Indian credit rating market is poised for growth, driven by increasing debt issuances, infrastructure projects, and regulatory emphasis on credit quality. Agencies with strong research capabilities and international backing will likely lead, while domestic players like CARE and Brickwork Ratings will focus on niche markets.
| Agency | Major Investors | Key Customers |
|---|---|---|
| CRISIL | S&P Global (67%) | Banks, corporates, NBFCs, government entities |
| ICRA | Moody’s (51.9%) | Bond issuers, insurance firms, fintech companies |
| CARE Ratings | Publicly held (various investors) | SMEs, mid-sized corporates, infrastructure firms |
| India Ratings | Fitch Ratings (100%) | Institutional investors, government bodies |
| Brickwork Ratings | Privately held | MSMEs, banks, municipalities |
CRISIL and ICRA benefit from strong global investors, while CARE Ratings and Brickwork Ratings cater to domestic firms. India Ratings, owned by Fitch, has credibility among institutional investors.
CRISIL leads the Indian credit rating market with strong global support, research capabilities, and a diversified portfolio. ICRA and India Ratings leverage their Moody’s and Fitch connections for structured finance and public sector ratings. CARE Ratings remains a strong Indian player, particularly in SMEs and infrastructure. Brickwork Ratings, while growing, faces credibility challenges.
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