When AAA Means B: The State of Credit Rating in India

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When AAA Means B: The State of Credit Rating in India

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Ragunathan V
Varma Jayant R

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Jayanth Rama Varma

Abstract

As in many other countries, India's five year old credit rating industry has grown rapidly amidst persistent doubts about the quality of the rating service. This paper evaluates the ratings given by India's leading credit rating agency, CRISIL. We find that CRISIL's ratings are not only too liberal by international standards but also internally inconsistent. We argue that to improve the quality of credit rating in India, there must be more competition; credit rating must be opened up to the private sector; and raters must provide unsolicited ratings.

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Paper provided by Indian Institute of Management Ahmedabad, Research and Publication Department in its series IIMA Working Papers with number 1141.

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Date of creation: 01 Sep 1993
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Handle: RePEc:iim:iimawp:1141

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Altman, Edward I, 1989. " Measuring Corporate Bond Mortality and Performance," Journal of Finance, American Finance Association, vol. 44(4), pages 909-22, September. [Downloadable!] (restricted)
Ang, James S & Patel, Kiritkumar A, 1975. "Bond Rating Methods: Comparison and Validation," Journal of Finance, American Finance Association, vol. 30(2), pages 631-40, May. [Downloadable!] (restricted)
Edward I. Altman, 1990. "Setting the Record Straight on Junk Bonds: A Review of the Research on Default Rates and Returns," Journal of Applied Corporate Finance, Morgan Stanley, vol. 3(2), pages 82-95. [Downloadable!] (restricted)

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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Barua S K & Varma Jayanth R, 1994. "Financial Sector Reform: Institutional and Technological Imperatives," IIMA Working Papers 1177, Indian Institute of Management Ahmedabad, Research and Publication Department. [Downloadable!]

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This page was last updated on 2009-11-30.

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