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Other Ratings

Infrastructure Expected Loss Ratings

ICRA's Infrastructure Expected Loss Ratings offer a nuanced assessment of infrastructure project risks by factoring in both the probability of default and the recovery prospects. This framework addresses limitations of conventional ratings, providing investors with broader insights into the expected loss profile of project entities. By distinguishing between projects with strong fundamentals and recovery potential versus those without, these ratings support long-term investment and bond market participation in the infrastructure sector.

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InvIT Ratings

ICRA's InvIT ratings evaluate the creditworthiness of Infrastructure Investment Trusts (InvITs), focusing on the adequacy and quality of cash flows available for servicing external debt. The rating considers operational and financial risks of the InvIT's portfolio. It factors in the external debt availed/proposed to be availed at the InvIT structure, and explicit support like guarantees extended by InvIT (to support debt servicing of any of the SPVs). Further, the InvIT's credit rating is not a comment on the creditworthiness of the individual SPVs of the InvIT, pricing of the units issued by InvIT or its market performance and potential returns to the unit holders. Also, it does not comment on the SPVs' ability to service the debt extended by the InvIT, if any. InvIT ratings help developers access new funding avenues and support capital deployment in new projects.

Mutual Fund Ratings

ICRA's Mutual Fund Credit Risk Ratings provide investors with a clear measure of the credit risk associated with debt mutual funds. The ratings incorporate analysis of fund objectives, management quality, and portfolio creditworthiness, using a credit matrix to benchmark aggregate credit quality. Regular dialogue with asset managers and ongoing portfolio reviews ensure that the ratings remain current. These ratings help investors, intermediaries, and fund sponsors take informed decisions and differentiate schemes in the market.

Public Finance Ratings

ICRA's Public Finance Ratings cover sovereign and sub-sovereign entities, including state governments and municipal and other local bodies. Ratings are benchmarked relative to the Union government and peer states, focusing on fiscal management, policy objectives, and future financial prospects. The evaluation includes analysis of state finances, socio-economic indicators, revenue stability, expenditure management, debt levels, liquidity, and governance quality, supporting transparency and informed borrowing decisions.