Credit rating system started in India in 1987 when the first credit agency was established in the country, namely The Credit rating Information Services of India Limited (CRISIL). In tandem with the progress of economic liberalization since 1991, the credit rating industry has also spread its wings and is now an integral part of the Indian financial system. Although a relatively new concept, credit rating has caught the fancy of financial analysts who are ever eager to develop new methods to rate corporate debt, keeping in mind the domestic business environment and the psychology of the Indian investor. In view of the topicality of the subject, this book can be considered a useful addition to the existing scanty literature on this new but fast growing area of interest. The book is unique because it not only examines the existing practices of credit rating in India but also evaluates the performance of the Indian credit rating agencies themselves. The book, it is hoped, will prove useful for academicians and practitioners in the area of capital and finance apart from benefiting students of management, commerce and economics.
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