Credit rating system started in India in 1987 when the first credit rating agency was established in the country, namely The Credit Rating Information Services of India Limited (CRISIL). In tandem with the progress of economic liberalisation 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. This 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.