Credit Rating Advisory
The full service across all 7 SEBI CRAs — every instrument and sector.
Explore credit rating advisory → Investment grade lets you issue. AA gets you funded.
Bond & NCD Rating Advisory
Issuing NCDs, bonds or commercial paper means getting the rating the mandate and the market require — and structuring the instrument to reach it. We prepare and manage the rating across all 7 SEBI agencies, led by CAs and ex-bankers who have structured and placed debt. ₹4,250 Cr+ mobilised across 100+ mandates since 2011.
NCD · Bond · CP CA / ex-banker led Rating + placement
A track record since 2011, in numbers
₹4,250 Cr+
Capital mobilised across sectors₹550 Cr
Largest single facility structured100+
Deals advised end to end7
SEBI CRAs we advise acrossSince 2011
CA / ex-banker, senior on every fileFor market borrowing, the rating is the gate. A public/listed NCD must be rated; commercial paper needs at least A2 (two CRAs above ₹1,000 Cr). But the regulatory floor isn’t the real one: most debt mutual funds buy AA+ and above and insurers require AA — so the rating you target should match where the money actually is.
What the rules require
Ratings, mandates and market access — the essentials
NCDs: a public or listed issue must carry a rating from at least one SEBI-registered CRA. Since 1 January 2024, if you have any listed NCDs, all subsequent NCD issuances must also be listed — so rating and disclosure follow serial issuers.
Commercial paper: must be rated at least A2; issuances of ₹1,000 crore or more in a year need two CRA ratings, with the lower rating governing eligibility.
The real market floor: investment grade (BBB) lets you issue, but most debt mutual funds invest predominantly in AA+ and above, and insurance companies generally require minimum AA for approved investment. Below AA, institutional demand thins sharply. We target the rating your funding plan actually needs — and structure the instrument to help get there.
What we own, end to end
From instrument structure to the rating letter
We work the rating and the instrument together — because the structure of a bond can lift its rating above the issuer’s general profile.
01
Target-rating & agency strategy
Define the rating your placement needs (BBB to issue vs AA to fund), and select the right CRA(s) — including the two-agency strategy for large issues.
02
Instrument structuring
Security, escrow of cash flows, debenture redemption reserve, trustee and covenants — structured to lift the instrument rating above the issuer rating where possible.
03
Rating-pack preparation
Financials, projections and the credit story presented the way analysts assess debt instruments — with cash-flow coverage front and centre.
04
Management discussion & process
We rehearse the management meeting and coordinate queries, data and timelines with the agency through to the rating letter — and support an appeal where warranted.
05
Surveillance & disclosures
We manage ongoing surveillance, No-Default Statements and listed-debt disclosures so the rating stays clean and investor-ready.
06
Rating → placement
With the rating in hand, we help place the paper — connecting the issue to investors via corporate finance & debt syndication.
Why issuers choose Finnova
Rating and placement from one desk
We don’t just get the bond rated — we know what it takes to get it bought.
01
Structure for the rating
We engineer the instrument — security, escrow, DRR, covenants — to reach the grade your placement needs.
02
CA + ex-banker led
People who have structured and placed debt, and dealt with rating committees. Named partner on the file.
03
All 7 SEBI CRAs
The right agency (or two) for your instrument and investor base — not the default name.
04
Rating + placement
We connect the rating to the raise — so the rating becomes funding, not just a certificate.
Consultation
Plan the rating your issue actually needs
One conversation tells you the target rating, the right agency strategy, and how to structure the instrument to reach it. No pitch — a straight read from senior people who own numbers for a living.
Thank you — your enquiry has been submitted
We’ve received your details. A senior member of our team will review them and get back to you within one business day. Everything you’ve shared stays strictly confidential.
FAQ
Bond & NCD rating advisory, answered
Yes. A public or listed NCD issue must carry a rating from at least one SEBI-registered CRA, and commercial paper must be rated at least A2. For CP issuances of ₹1,000 crore or more in a year, two ratings are required and the lower one governs. Since 1 January 2024, an entity with any listed NCDs must list all subsequent NCD issuances — so the rating-and-disclosure obligation now follows serial issuers.
Investment grade (BBB and above) is the regulatory floor, but the real market floor is higher: most debt mutual funds invest predominantly in AA+ and above, and insurance companies generally require a minimum AA for “approved investment”. So while BBB lets you issue, AA-and-above is what unlocks meaningful institutional demand. We target the rating your funding plan actually needs.
The scale is the same (AAA–D long-term, A1+–D short-term for CP), but the analysis and instrument structuring differ. A secured, escrow-backed NCD with a debenture redemption reserve can be rated above the issuer’s general profile — so structuring the instrument is part of getting the rating you need.
Often, yes. Security (charge on assets), escrow of cash flows, a debenture trustee, guarantees and covenant packages can lift an instrument rating above the issuer rating. We work the structure and the rating together to reach your target grade.
Typically 4–8 weeks from mandate to rating letter, depending on document readiness, instrument complexity and whether two agencies are involved. For large issues requiring two CRAs, plan for parallel processes.
A senior CA or ex-banker leads every mandate — people who have structured and placed debt. You deal with the named partner directly.
Further reading
Credit rating, explained in our Resources
How ratings are decided, what they cost, and how to improve yours. For the full service, see credit rating advisory.