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Term explained · Governance

What is a credit rating? AAA to D, with real companies

Credit ratings in plain English: what AAA to D mean under SEBI's standard scale, why a rating is not a stock recommendation, and real company ratings.

Reviewed by Cityfort Research on , 1 min read

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

What is a credit rating?

A credit rating is an agency's opinion on how likely a debt is to be repaid in full and on time.[S1]

It rates borrowing, such as bank loans, bonds and commercial paper. It does not rate the company's shares.

What do the letters mean?

SEBI has standardised the symbols for long-term debt. AAA means the highest degree of safety, then AA, A and BBB.[S1]

BB, B and C mean rising risk of default. D means the debt is in default or expected to be soon.[S1]

Plus and minus signs show standing within AA to C. An AA- rating sits above an A+.[S1]

Is a rating a recommendation on the shares?

No. SEBI's rules require agencies to state that ratings are not recommendations to buy, hold or sell any securities.[S2]

The company being rated pays the agency, which SEBI calls the issuer-pays model.[S1]

How often does a rating change?

Agencies must keep monitoring a rating while the debt is outstanding. They announce new ratings and changes by press release and inform the stock exchanges.[S2]

Each rating comes with a published rationale, covering both strengths and risks.[S2] The guide on how to read a credit rating report walks through one.

Where do you see it on Cityfort?

Stock pages show the rating in "Governance signals", with the agency, the date and any outlook. The block below lists them for each company on Cityfort.

See it in real companies

Credit rating at companies on Cityfort

16 companies on Cityfort, listed A–Z (not ranked).

Asian Paints
Crisil AAA (bank loans) / A1+ (short term), outlook Stable10 Sep 2026 · source S114
Bajaj Finance
CRISIL AAA, outlook Stable17 Sep 2026 · source S23
Bharti Airtel
CRISIL AAA, outlook Stable17 Jul 2025 · source S38
HDFC Bank
Crisil AAA, outlook Stable23 Jun 2026 · source S133
Hindustan Unilever
Crisil AAA (long term) / A1+ (short term), outlook Stable3 Oct 2025 · source S57
ICICI Bank
ICRA AAA (issuer rating), outlook Stable23 Oct 2026 · source S65
Infosys
CRISIL AAA, outlook Stable31 Mar 2026 · source S1
ITC
Crisil AAA (long term), A1+ (short term), outlook Stable24 Apr 2026 · source S35
Kalyani Steels
CARE Ratings AA (long-term); A1+ (short-term), outlook Stable4 Dec 2024 · source S29, S1
Kotak Mahindra Bank
ICRA AAA, outlook Stable5 Jun 2026 · source S66
L&T
CRISIL AAA (long term), A1+ (short term), outlook Stable3 Sep 2026 · source S36, S37
Reliance Industries
ICRA AAA, outlook Stable21 Oct 2026 · source S46
Saksoft
CARE Ratings CARE A+ (long term) / CARE A1 (short term), outlook Stable28 Sep 2026 · source S44
SBI
Crisil AAA, outlook Stable24 Jul 2026 · source S71
TCS
Moody's Ratings A2 (long-term local-currency issuer rating, up from Baa1), outlook Not stated in the company's filing29 May 2026 · source S83
Titan
CARE Ratings AAA (bank facilities) / A1+ (short term and commercial paper), outlook Stable10 Sep 2026 · source S62, S60

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

Questions people ask

What is a credit rating?
SEBI describes it as a rating agency's opinion on the likelihood of a rated debt being repaid in full and on time.[S1]
What does AAA mean?
On SEBI's standard long-term scale, AAA means the highest degree of safety regarding timely servicing of financial obligations, with the lowest credit risk.[S1]
Is a credit rating advice on the company's shares?
No. SEBI's rules require rating agencies to state that ratings do not constitute recommendations to buy, hold or sell any securities. A rating looks at debt repayment only.[S1][S2]
Who pays for a credit rating in India?
The company that issues the debt pays. SEBI calls this the issuer-pays model.[S1]

Sources

  1. S1SEBI FAQs on Credit Rating Agencies (2 Mar 2026) · SEBITier 1: company or exchange filing · 2 Mar 2026
  2. S2SEBI (Credit Rating Agencies) Regulations, 1999, regulations 15, 16 and 18, last amended 15 Jan 2026 · SEBITier 1: company or exchange filing · 15 Jan 2026

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Disclaimer

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a SEBI-registered investment adviser.

Cityfort, its owners and contributors may or may not hold securities of companies covered. Content is not an offer or solicitation to buy or sell any security.

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Cityfort publishes educational content that explains how listed companies work. Cityfort is not registered with the Securities and Exchange Board of India (SEBI) as an Investment Adviser or Research Analyst and does not provide investment advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security.

All information is taken from publicly available sources, mainly company filings on BSE and NSE, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management are reported as statements, with their date and source; they are not our forecasts.