CRISIL The Credit Rating Information Service of India Limited, although set up in 1987 (see previous entry), started functioning in January 1988. As on 30 June 1993 , CRISIL had assigned rating for 586 debt instruments originated by 462 companies, covering a debt volume of Rs 32, 142 crore. The CRISIL rating symbols for Debentures are ranked into three categories: High Investment Grades (AAA, pronounced ‘triple A’) for highest safety, and AA (pronounced ‘double A’) for high safety; investment Grades (A for adequate safety, and BBB for moderate safety) and Speculative Grades (B for high risk, C for substantial risk, and D for companies in default). CRISIL may apply + or – symbols for ratings from AA to C to reflect comparative standing within the category. Ratings for fixed deposits have F before the rating, while short-term instruments have the ratings p-1, p-2, p-3, p-4 and p-5 for strong safety, less strong safety, adequate safety, minimal safety, and possibility of default, respectively. For Structured Obligations the rating symbols are the same as for debentures, with (so) added after the letters, e.g., AAA (so)

CRISIL makes it clear that its rating relates to the particular debt instrument and is not a rating for the company as a whole, inasmuch as it takes into account the specific terms of the instruments. The rating is not a recommendation to invest or not to invest. CRISIL ratings are confidential, unless the company chooses to make them public, but if it does, CRISIL will monitor the rating over the life of the instrument. Any change in the rating so effected will be made public by CRISIL.

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