CA-led corporate finance advisory since 2011•₹4,250 Cr+ mobilised across 100+ deals
Credit rating advisory, handled end to end.

Walk In Prepared, Rated on Your Fundamentals

Rating-pack preparation, agency liaison and rating uplift across all seven SEBI-registered Credit Rating Agencies — CRISIL, ICRA, CARE, India Ratings, Acuité, Brickwork and Infomerics. CA-led and Pune & Mumbai-based, we prepare the file, represent management and manage the agency relationship so the rating reflects your fundamentals. ₹4,250 Cr+ mobilised across 100+ deals since 2011.

Book a consultation → See the 7 agencies →
All 7 SEBI CRAs Since 2011 100+ deals advised
BBB+ A
A track record since 2011, in numbers
₹4,250 Cr+
Group capital facilitated since 2011
₹550 Cr
Largest single facility structured
100+
Deals advised end to end
All 7
SEBI-registered rating agencies covered
Since 2011
CA-led, senior on every file

Credit rating advisory is the service of preparing a company’s financials and management case for a rating, shortlisting the right agency and representing the file through the rating committee — the advisor prepares and represents the case, while the SEBI-registered agency assigns the rating. A credit rating itself is a SEBI-regulated independent opinion on your ability to honour debt. Under RBI norms, external rating is mandatory for bank exposures of ₹50 Cr and above — and rating outcomes typically move loan pricing by 50–150 basis points. The gap between a notch up and a notch down is measured in crores of interest over a facility’s life.

Finnova Advisory is a rating advisory firm — we prepare and represent your case; the rating is assigned by the SEBI-registered agency, not by us.

The seven SEBI-registered agencies

All 7 CRAs — we pick the right fit, not the familiar name

Sector fit, turnaround and lender acceptability vary by agency. We shortlist the right-fit CRA for your instrument and lender mix rather than defaulting to a familiar name.

Agency Founded Typical TAT Sector strengths
CRISIL CRISIL Ratings Ltd. Founded1987 Typical TAT6–8 weeks StrengthsLarge corporates, banks, structured finance
ICRA ICRA Ltd. Founded1991 Typical TAT6–8 weeks StrengthsInfrastructure, financial sector, corporate debt
CARERight-fit example CARE Ratings Ltd. Founded1993 Typical TAT5–7 weeks StrengthsMid-corporate, manufacturing, infrastructure
India Ratings India Ratings & Research (Fitch Group) Founded1995 Typical TAT6–8 weeks StrengthsBanks, NBFCs, structured finance
Acuité Acuité Ratings & Research Ltd. Founded2005 Typical TAT4–6 weeks StrengthsSME / MSME, mid-market bank loans
Brickwork Brickwork Ratings India Pvt. Ltd. Founded2007 Typical TAT4–6 weeks StrengthsSME, municipal, NCD
Infomerics Infomerics Valuation and Rating Pvt. Ltd. Founded2015 Typical TAT4–6 weeks StrengthsSME, municipal, NCD, bank loan ratings

Indicative — actual turnaround varies by agency workload and instrument complexity. The “right-fit example” highlights how we match a mid-corporate manufacturer to a sector-strong agency; the pick changes with your instrument and lender mix.

Know the scale

Rating symbols, decoded

All seven SEBI-registered agencies use the same standardised symbols — only the prefix changes (CRISIL AAA, [ICRA]AAA, CARE AAA, IND AAA, ACUITE AAA…). Long-term ratings cover instruments due beyond a year; short-term ratings cover instruments up to a year — commercial paper and short-term loans.

Long-term scaleInstruments > 1 year

Highest safety ↓ rising credit risk

AAA Highest safety. Lowest credit risk on timely servicing of obligations.
AA High safety. Very low credit risk.
A Adequate safety. Low credit risk.
BBB Moderate safety. Moderate credit risk.Lowest investment grade
BB Moderate risk of default.
B High risk of default.
C Very high risk of default.
D In default, or expected to be in default soon.

+ / − modifiers (e.g. AA+, AA, AA−) refine grades from AA to C. Investment grade = BBB− and above; BB+ and below is sub-investment / speculative.

Short-term scaleInstruments ≤ 1 year

Strongest safety ↓ rising credit risk

A1+ Very strong safety on timely payment — the highest short-term grade.
A1 Very strong degree of safety. Lowest credit risk.
A2 Strong degree of safety. Low credit risk.
A3 Moderate safety. Higher credit risk than A2.
A4 Minimal safety. Very high credit risk; susceptible to default.
D In default, or expected to default on payment.

+ modifier (e.g. A1+, A2+) refines grades from A1 to A4. Short-term grades map broadly to long-term safety but are assessed for near-term liquidity.

How we use this: we position your financials so the file supports the grade you’re targeting and prepare you for the agency’s questions — the difference between a defensible rating and an avoidable notch lower. Indicative meanings shown; refer to each agency’s published definitions for exact wording. Try our free credit rating symbol decoder to translate any rating into plain English.

What we do

Instruments we advise on — prep, liaison and uplift

From bank loan ratings mandated under RBI norms to capital-market NCDs and structured obligations, we prepare the pack, manage the agency and target a rating that reflects your fundamentals.

01

Long-term rating

Debt maturing beyond one year — term loans, NCDs and structured obligations. We build the long-term credit story end to end.

02

Short-term rating

Instruments maturing within a year — commercial paper and short-term bank facilities, positioned for the tightest pricing.

03

Bank loan rating

External rating of fund-based and non-fund-based exposures — mandatory for RBI ₹50 Cr+ limits, and the key to lower risk weights.

04

NCD / CP rating

Ratings for Non-Convertible Debentures and Commercial Paper — the gateway to capital-market debt issuance.

05

Structured obligation

Pass-through certificates, securitisation and guarantee-backed or credit-enhanced instruments.

06

Rating surveillance

Ongoing monitoring, annual review support and proactive management of rating triggers — so a notch is never lost on a technicality.

Why a well-managed rating matters

A notch is worth crores over a facility’s life

A credit rating decides regulatory compliance, your cost of borrowing and your access to the debt markets. Managed well, it compounds in your favour.

Regulatory compliance

RBI mandates external rating for bank exposures of ₹50 Cr and above, and a rated loan attracts lower risk weights than an unrated one.

Pricing impact

Rated versus unrated borrowing spreads typically differ by 50–150 bps — a gap measured in crores of interest over the facility’s life.

Lender confidence

A clean rating narrative accelerates sanction across PSU and private banks — the file answers the credit committee’s questions before they ask.

Investor access

The NCD and CP markets are open only to rated issuers — a rating is the entry ticket to capital-market debt.

Appeal mechanism

Structured representation where the initial rating undershoots — fresh information and a reasoned case, prepared properly.

Surveillance continuity

Proactive management of annual surveillance and rating triggers — so a downgrade or “Issuer Not Cooperating” tag never arrives by surprise.

Process

How an engagement runs — our 5-step path

A clear path from first read to rating letter, with senior people on the file at every stage and timelines you can plan around.

  1. Assessment

    1 day

    We review financials, business model and indicative rating range — and tell you where the file stands today.

  2. Agency shortlist

    2 days

    We match sector fit, turnaround and fee economics across the 7 SEBI-registered CRAs, and shortlist the right fit.

  3. Financial pack prep

    5–7 days

    We prepare the rating pack, management write-up and pre-empt the likely agency queries before they’re raised.

  4. Agency interaction

    3–4 weeks

    Management meeting, query resolution and rating-committee representation — we’re in the room and on the file.

  5. Rating letter & post-support

    ongoing

    Rating-letter issuance, appeal where warranted, and ongoing surveillance support so the rating holds and improves.

Who it’s for & what makes a strong case

Built for issuers who want the rating to reflect the fundamentals

We advise mid-market corporates across sectors — and we know the documents and signals that turn a defensible business into a strong rating case.

Who we advise

  • Manufacturing
  • Infrastructure & EPC
  • NBFCs
  • Real Estate
  • Trading
  • Services
  • SME / MSME
  • Hospitality

CA-led and Pune & Mumbai-based, serving Maharashtra, Delhi NCR, Bengaluru, Hyderabad, Chennai and pan-India.

What makes a strong case — document checklist

  • Audited financial statements — last 3 years
  • Banker statements — last 6 months
  • CMA data and projections
  • Project report (greenfield / expansion)
  • MOA, AOA and incorporation documents
  • KYC of company, promoters and directors
  • Existing sanction letters & facility schedules
  • Prior rating rationale (where applicable)

Indicative — varies by lender and agency. We tell you exactly what each CRA will want before the file goes in.

Why Finnova

Why issuers choose Finnova for credit rating advisory

Four reasons clients hand us the agency relationship — and keep us on file through surveillance.

01

All 7 SEBI-registered CRAs

Full agency coverage. We pick the right fit for your instrument and lender mix — not the familiar name — so the rating reflects how your sector is actually read.

02

CA-led, senior-led

Preparation that targets rating uplift, handled by senior chartered accountants who read the file the way a rating committee will — not a junior bench.

03

Uplift-focused

A disciplined deleveraging, margin and governance plan that supports an upgrade over 12–24 months — the rating is a trajectory, not a one-off.

04

Track record

₹4,250 Cr+ mobilised, ₹550 Cr largest single facility and 100+ deals since 2011 — across all seven SEBI-registered agencies.

Track record

Rating mandates we’ve handled

A sample of recent credit rating mandates, anonymised for confidentiality. Sectors and structures are real; names are not.

₹50 Cr+ bank loan rating
Auto components · Maharashtra

A manufacturer needed a bank loan rating to comply with RBI norms. We shortlisted a mid-corporate-strong CRA, built the rating pack and represented management — the facility was rated a notch above the borrower’s internal expectation, trimming spread on the consortium limit.

[Illustrative]
Surveillance rescue
NBFC · Issuer Not Cooperating risk

An NBFC facing an “Issuer Not Cooperating” risk on a delayed surveillance submission engaged us to rebuild its data pack and re-open agency dialogue. Surveillance was completed on schedule and the rating affirmed, protecting its market access.

[Illustrative]
Consultation

Tell us about the instrument

One conversation tells you the indicative rating range, the right-fit agency and how fast it can move from mandate to rating letter. No pitch — just a straight read from people who manage the agency process every week.

Call us — +91 91569 22663 (Pune) Email — finance@finnovaadvisory.com

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FAQ

Credit rating advisory, answered

End-to-end timelines typically run 5–8 weeks from mandate to rating letter, depending on agency workload, document readiness and the depth of management discussions required.

SEBI-registered CRAs publish fee schedules based on instrument size and type. Initial rating fees for mid-market debt typically range from ₹2–10 lakh, plus annual surveillance fees. Finnova Advisory’s advisory fee is separate and mandate-based.

It depends on sector fit, lender acceptability, fee economics and turnaround. Banks generally accept any SEBI-registered CRA for ₹50 Cr+ exposures, but PSU lenders may prefer specific agencies for larger tickets. We shortlist the right fit before you commit.

Yes. Ratings are reviewed at least annually under surveillance, and issuers can request review on material credit events. A disciplined uplift plan — deleveraging, margin improvement, governance — supports upgrade over 12–24 months.

Each CRA has a formal appeal mechanism. Within a defined window you may submit fresh information or a reasoned representation. We support clients end-to-end on appeal preparation where the initial rating undershoots fundamentals.

Surveillance is the CRA’s ongoing monitoring of a rated instrument — at least annually, plus event-based triggers. Covenant breaches, delays in data submission or deterioration in metrics can trigger a downgrade or an “Issuer Not Cooperating” tag.
Further reading

Credit rating, explained in our Resources

Plain-English guides to how ratings are decided, which agency to choose, and how to walk in prepared.

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