Credit Rating Advisory
The full service across all 7 SEBI CRAs — every instrument and sector.
Explore credit rating advisory → The right agency for your file — chosen on merit.
Brickwork Ratings Advisory
Considering a Brickwork (BWR) rating? We give you a candid, current read on whether it’s the right fit for your instrument and lenders — and, whichever agency you choose, we prepare and manage the rating end to end. CA / ex-banker–led across all 7 SEBI CRAs. ₹4,250 Cr+ mobilised across 100+ mandates since 2011.
Candid agency-fit viewCA / ex-banker ledAll 7 SEBI CRAs
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 fileBrickwork Ratings (BWR) is a SEBI-registered, RBI-accredited agency that has rated SMEs, NCDs, municipal and bank-loan instruments. Because lender perception of each agency shifts over time, the choice should be made on current merit — which is exactly the independent, agency-agnostic read we provide.
About the agency
What Brickwork Ratings is known for
Founded in 2007 and headquartered in Bengaluru, Brickwork Ratings (BWR) is a SEBI-registered, RBI-accredited credit rating agency. It built its track record rating bank-loan facilities, non-convertible debentures (NCDs) and SME instruments, and has been notably active in municipal and sub-national ratings — a segment relatively few Indian agencies cover in depth.
Brickwork has also been through regulatory scrutiny: a 2022 SEBI order was set aside by the Securities Appellate Tribunal (SAT) in 2023, which remitted only the question of penalty, and BWR continues to operate as a registered agency. We mention this plainly because it is precisely why the choice of agency should rest on current merit and lender acceptability for your specific instrument — not reputation or habit. That candid, up-to-date read across all seven SEBI CRAs is what we bring to the decision.
Choosing the right agency
Should you use Brickwork — or another CRA?
The right agency depends on your instrument and sector, the lenders or investors you’re targeting, turnaround, fee, and how those stakeholders currently view each CRA. For some SME, NCD and municipal mandates Brickwork may fit well; for others — a large institutional NCD, or where a specific lender prefers a particular agency — another CRA may serve you better.
We give you a straight, current read rather than a default recommendation, and prepare you for whichever agency is right. Compare the field in which credit rating agency to choose and CRISIL vs ICRA vs CARE vs Acuité.
What we own, end to end
Agency choice, rating prep and management
From the agency decision to the rating letter — and through surveillance — we run the process so the rating reflects your fundamentals.
01
Agency-fit assessment
A candid, current view on whether Brickwork or another CRA best fits your instrument, sector and target lenders — before you commit.
02
Rating-pack preparation
Financials restated and presented the way analysts read them, peer benchmarking, the credit story and projections that withstand scrutiny.
03
Management-meeting readiness
We rehearse the promoter and CFO for the agency’s management discussion — the highest-leverage hour in the process.
04
Process, queries & appeal
We coordinate data and timelines through to the rating letter — and support an appeal where the rating undershoots fundamentals.
05
Surveillance & INC protection
We manage your No-Default Statement calendar and surveillance so you never drift into an “Issuer Not Cooperating” tag or a surprise downgrade.
06
Upgrade & debt linkage
A 12–24 month uplift plan, and we use the rating to raise money via corporate finance & debt syndication.
Consultation
Get a candid view on the right agency for your file
One conversation tells you which agency fits your instrument and lenders, the realistic rating, and what it would do to your borrowing cost. No pitch — a straight read from senior people who own numbers for a living.
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FAQ
Brickwork Ratings advisory, answered
Brickwork Ratings (BWR) is a SEBI-registered, RBI-accredited credit rating agency that has rated SMEs, NCDs, municipal and bank-loan instruments. As an agency-agnostic advisor, we help you weigh whether Brickwork or another of the seven SEBI CRAs is the right fit for your instrument, sector and lenders.
It depends on your instrument, sector, target lenders/investors, turnaround and fee — and on how the relevant lenders currently view each agency. We give you a candid, current read across all seven SEBI agencies and recommend the best fit before you commit, rather than defaulting to any single name.
Typically about 4–6 weeks from mandate to rating letter, with fees a percentage of the rated amount plus a minimum fee and annual surveillance. We confirm the exact fee and the right agency for your case before you commit.
Yes. We run uplift programmes and manage surveillance across agencies, and we can advise on whether to continue with the existing agency or move to another CRA at the appropriate time.
Yes. Brickwork Ratings remains a SEBI-registered, RBI-accredited credit rating agency. Like any agency it has faced regulatory scrutiny over the years, which is precisely why the choice of agency should rest on current merit and lender acceptability for your specific instrument — the candid, up-to-date read we provide across all seven SEBI CRAs.
A senior CA or ex-banker leads every mandate — you deal with the named partner directly, not a rotating bench of junior staff.
Further reading
Credit rating, explained in our Resources
How to choose an agency, how ratings are decided, and how to improve yours. For the full service, see credit rating advisory.