Public Finance Ratings
ICRA's Public Finance Ratings cover sovereign and sub-sovereign entities, State governments,and local bodies like municipal corporations, municipal councils and area development agencies. While the Rating assigned, are relative to that of the Union government, which is taken as highest safety, the performance of the State government concerned is benchmarked against that of the universe of major States. ICRA's primary focus being forward looking, we emphasises fiscal management and policy objectives of the government in the coming years and the possible impact of the same on future revenues and expenditure, the budget plan, likely capital expenditure, and future borrowing needs. ICRA's process for assigning State Government Ratings involves analysis of the underlying economy of the State and a detailed study of state finances including budgetary and off-budgetary transactions. The analysis includes comparison with respect to peer States on socio-economic parameters such as social development indicators, composition of GSDP, sectoral rates of growth, income levels, and investment activity. Besides, ICRA's temporal and peer group analysis of State finances covers quality and stability of revenues, expenditure management, analysis of debt outstanding, liquidity position, and quality of governance.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

Company Name Sector Name Long Term Medium Term Short Term Issuer Outlook
Ambernath Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Andhra Pradesh Central Power Distribution Company Limited
Rationale / Rating Methodologies
Public finance ^ -- ^ -- --
Andhra Pradesh Water Resources Development Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Badami Town Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Bagalkote City Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- IrBBB-(Stable) --
Ballari City Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Bangalore Development Authority
Rationale / Rating Methodologies
Public finance ^ -- -- -- --
Bengaluru Metropolitan Transport Corporation
Rationale / Rating Methodologies
Public finance [ICRA]B- -- -- -- Stable
Bengaluru Metropolitan Transport Corporation
Rationale / Rating Methodologies
Public finance [ICRA]B- -- -- -- Stable
Bhadravathi City Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Bhilai Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- IrBBB+(Stable) --
Bhimavaram Municipality
Rationale / Rating Methodologies
Public finance [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Bhubaneswar Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Bidar City Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Bilaspur Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Bodhgaya Nagar Panchayat
Rationale / Rating Methodologies
Public finance * -- -- -- --
Bruhat Bengaluru Mahanagara Palike
Rationale / Rating Methodologies
Public finance [ICRA]A+ -- -- -- Stable
Bruhat Bengaluru Mahanagara Palike
Rationale / Rating Methodologies
Public finance [ICRA]A+ -- -- -- Stable
Bruhat Bengaluru Mahanagara Palike
Rationale / Rating Methodologies
Public finance * -- -- -- --
Cauvery Neeravari Nigam Limited
Rationale / Rating Methodologies
Public finance * -- -- -- --
Chilakalurupet Municipality
Rationale / Rating Methodologies
Public finance [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Coimbatore City Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Corporation of Chennai
Rationale / Rating Methodologies
Public finance * -- -- -- --
Corporation of Cochin
Rationale / Rating Methodologies
Public finance * -- -- -- --
Corporation of Madurai - Inner Ring Road
Rationale / Rating Methodologies
Roads * -- -- -- --
Corporation of Thiruvananthapuram
Rationale / Rating Methodologies
Public finance * -- -- -- --
Dakshin Gujarat Vij Company Limited
Rationale / Rating Methodologies
Power [ICRA]AA- -- -- -- Stable
Dakshin Gujarat Vij Company Limited
Rationale / Rating Methodologies
Power -- -- [ICRA]A1+ -- --
Dakshin Gujarat Vij Company Limited
Rationale / Rating Methodologies
Power [ICRA]AA- -- -- -- Stable
Danapur Nizamat Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Darbhanga Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Dindigul City Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Durg Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Eluru Municipal Corporation
Rationale / Rating Methodologies
Public finance [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Gadag-Betageri City Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Gangavathi City Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Gangtok Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Government of Telangana Entities
Rationale / Rating Methodologies
Public finance * -- -- -- --
Greater Hyderabad Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Gudivada Municipality
Rationale / Rating Methodologies
Public finance [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Haryana State Industrial and Infrastructure Development Corporation Ltd
Rationale / Rating Methodologies
Public finance * -- * -- --
Hassan City Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Hospet City Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Hyderabad Metropolitan Development Authority
Rationale / Rating Methodologies
Miscellaneous [ICRA]A -- -- -- Stable
Hyderabad Metropolitan Water Supply and Sewerage Board
Rationale / Rating Methodologies
Public finance [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Jagdalpur Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Jalna Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Jammu Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Kalaburagi City Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Kalwakurthy Municipality
Rationale / Rating Methodologies
Public finance [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Recent Releases

  • Shri Ganesh Agro Foods: Continues to remain under issuer Non-Cooperating category

    Rationale / 25 Oct 2021

  • Sri Venkateswara Spintex (P) Ltd: Continues to remain under issuer Non-Cooperating category

    Rationale / 25 Oct 2021

  • Triumph Wires Private Limited: Continues to remain under issuer Non-Cooperating category

    Rationale / 25 Oct 2021