List of CRISIL Rated Bonds

Credit ratings provided by CRISIL on the debt obligation are its view on whether the obligation will be repaid. The ratings indicate the risk of default on the instruments. Good credit ratings indicate responsible behaviour of the organisation and a good repayment history. The ratings are expressed in alphanumeric symbols under five categories: long-term, short-term, structured finance, credit enhancements and corporate credit rating.

Credit Rating Information Services of India Limited (CRISIL) is India's leading and innovative rating agency that provides data, research, and analytics. Incorporated in January 1987, CRISIL was India’s first rating agency. The majority owned by S&P Global Inc, CRISIL is a leading provider of ratings and ranking to companies that have helped over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.
A credit rating by CRISIL Ratings reflects its current opinion on the probability of default of the rated security. The credit rating conveys the likelihood of the issuer not repaying interest and principal obligations on time and per the terms of the rated instrument. The possibility is reflected in an easily understandable alphanumeric scale, with ratings such as ‘CRISIL AAA’, ‘CRISIL AA’, ‘CRISIL A’, ‘CRISIL A1’ and ‘CRISIL A2’.

CRISIL rates the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. 
They have rated over 35,000 large and mid-scale corporates and financial institutions. They have also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).

CRISIL Ratings assigns ratings according to the following 6 categories:

• Long-term: The term ‘long-term instruments’ indicates bonds, debentures, other debt securities, bank loans and other fund-based facilities with a maturity of more than one year. Long-term ratings are assigned on a 20-point scale, from ‘CRISIL AAA’ to ‘CRISIL D.’
• Short-term: The term ‘short-term instruments’ indicates commercial papers, short-term debentures, certificates of deposit, intercorporate deposits, working capital borrowings and other fund and non-fund-based facilities with a maturity of one year or less. Short-term ratings are assigned on a 9-point scale, from ‘CRISIL A1’ to ‘CRISIL A4’ and ‘CRISIL D’, denoting default.
• Dual ratings: CRISIL Ratings assigns dual ratings (ratings on both long-term and short-term scales) to debt instruments with a maturity of more than one year and a put option exercisable within one year from the issue date. The first component of the long-term rating addresses the likelihood of timely payment of principal and interest over the instrument's life. In contrast, the rating on the short-term scale indicates the probability of timely payment on the instrument by the issuer if the put option is exercised. An example of dual rating is ‘CRISIL AA+/CRISIL A1+’.
• Structured obligation ratings (SO): CRISIL Ratings assign ratings to long- and short-term structured finance instruments using the suffix SO. These ratings are assigned only to securitised or asset-backed transactions with credit enhancement/structure, leading to the instrument being remotely bankrupt by the issuer/originator.
• Credit enhancement (CE) ratings: CRISIL Ratings assigns the suffix CE to ratings on long- and short-term instruments that are backed by explicit credit enhancement that is external (from a third party, parent or group), but the rated instrument is not bankruptcy remote from the issuer/originator.
• Corporate credit ratings (CCR): CRISIL Ratings assigns corporate credit ratings to issuers on a scale ranging from ‘CRISIL AAA’ to ‘CRISIL D’. These ratings indicate the degree of safety of the issuer or the rated entity concerning the timely servicing of the debt obligation. CRISIL Ratings also assigns these ratings to insurance companies to indicate their financial strength or ability to meet policyholder obligations.

The ratings provided by CRISIL are continuously monitored until the debt is fully paid. Ratings can be changed at any point in time depending upon the change in business and financial risk profile of the debt issuer or the industry in which they operate. This is why the validity of the rating is not mentioned in any of the rating communications provided by CRISIL, including rating rationales and credit rating reports. Any change in the organisation's ratings is updated on the CRISIL website in real-time.

CRISIL does proper due diligence and then offers ratings to the debt issuers depending on their creditworthiness. You should always check the risks associated with the instrument in which you are investing to avoid losing money, and rating scales are one of the best measures to help your decision-making.