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]D -- -- -- --
Bengaluru Metropolitan Transport Corporation
Rationale / Rating Methodologies
Public finance [ICRA]D -- -- -- --
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 [ICRA]BBB+ -- -- -- --
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]AA- -- -- -- Stable
Dakshin Gujarat Vij Company Limited
Rationale / Rating Methodologies
Power -- -- [ICRA]A1+ -- --
Dakshin Gujarat Vij Company Limited
Rationale / Rating Methodologies
Power [ICRA]AA- -- [ICRA]A1+ -- 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]BB+ 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 Andhra Pradesh
Rationale / Rating Methodologies
Miscellaneous [ICRA]A(SO)! -- -- -- Negative
Government of Telangana Entities
Rationale / Rating Methodologies
Public finance Provisional[ICRA]A(CE) -- -- -- Stable
Greater Hyderabad Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Gudivada Municipality
Rationale / Rating Methodologies
Public finance [ICRA]BB ISSUER NOT COOPERATING -- -- -- Stable
Haryana State Industrial and Infrastructure Development Corporation Ltd
Rationale / Rating Methodologies
Public finance [ICRA]BBB+ -- [ICRA]A2 -- Negative
Haryana State Industrial and Infrastructure Development Corporation Ltd
Rationale / Rating Methodologies
Public finance [ICRA]BBB+ -- -- -- Negative
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
Miscellaneous [ICRA]BB+ 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]BB- ISSUER NOT COOPERATING -- -- -- Stable
Kannur Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Karaikudi Municipality
Rationale / Rating Methodologies
Public finance * -- -- IrBB+(Stable) --
Karimnagar Municipal Corporation
Rationale / Rating Methodologies
Public finance [ICRA]BBB ISSUER NOT COOPERATING -- -- -- Stable
Karnataka Neeravari Nigam Limited
Rationale / Rating Methodologies
Public finance * -- -- -- --
Karnataka Neeravari Nigam Limited
Rationale / Rating Methodologies
Public finance * -- -- -- --
Karnataka Neeravari Nigam Limited
Rationale / Rating Methodologies
Public finance * -- -- -- --
Karnataka State Financial Corporation
Rationale / Rating Methodologies
Miscellaneous [ICRA]AA-(CE) -- -- -- Stable
Karnataka State Industrial and Infrastructure Development Corporation Limited
Rationale / Rating Methodologies
Public finance * -- -- -- --
Karnataka State Road Transportation Corporation
Rationale / Rating Methodologies
Public finance [ICRA]BBB -- -- -- Negative
Karnataka Water and Sanitation Pooled Fund
Rationale / Rating Methodologies
Public finance [ICRA]AA+ -- -- -- Stable
Karnataka Water and Sanitation Pooled Fund
Rationale / Rating Methodologies
Public finance [ICRA]AA-(CE) -- -- -- Stable
Karnataka Water and Sanitation Pooled Fund
Rationale / Rating Methodologies
Public finance Provisional[ICRA]AA-(CE) -- -- -- Stable
Kavali Municipality
Rationale / Rating Methodologies
Public finance [ICRA]BB ISSUER NOT COOPERATING -- -- -- Stable
Kishanganj Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Kolar City Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Latur City Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Machilipatnam Municipality
Rationale / Rating Methodologies
Public finance [ICRA]BB+ ISSUER NOT COOPERATING -- -- -- Stable
Madhya Gujarat Vij Company Limited
Rationale / Rating Methodologies
Utilities [ICRA]AA- -- -- -- Stable
Madhya Gujarat Vij Company Limited
Rationale / Rating Methodologies
Utilities [ICRA]AA- -- -- -- Stable
Madhya Gujarat Vij Company Limited
Rationale / Rating Methodologies
Utilities [ICRA]AA- -- -- -- Stable
Madhya Gujarat Vij Company Limited
Rationale / Rating Methodologies
Utilities -- -- [ICRA]A1+ -- --
Madhya Gujarat Vij Company Limited
Rationale / Rating Methodologies
Utilities [ICRA]AA- -- [ICRA]A1+ -- Stable
Madurai City Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Maharashtra Film, Stage and Cultural Development Corporation Limited
Rationale / Rating Methodologies
Public finance * -- -- -- --
Maharashtra Jeevan Pradhikaran
Rationale / Rating Methodologies
Public finance * -- -- -- --
Maharashtra Krishna Valley Development Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Maharashtra Vikrikar Rohke Pradhikaran Limited
Rationale / Rating Methodologies
Public finance * -- -- -- --
Maharashtra Water Conservation Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Maheshtala Municipality
Rationale / Rating Methodologies
Public finance * -- -- -- --
Malegaon Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Mandya City Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Mangalore Urban Development Authority
Rationale / Rating Methodologies
Miscellaneous ^ -- -- -- --
Metro Dairy Limited
Rationale / Rating Methodologies
Dairy products * -- * -- --
Miryalaguda Municipality
Rationale / Rating Methodologies
Public finance [ICRA]BB ISSUER NOT COOPERATING -- -- -- Stable
MSEB Residual Board
Rationale / Rating Methodologies
Power [ICRA]B(SO) -- -- -- --
Municipal Corporation of Delhi
Rationale / Rating Methodologies
Public finance * -- -- -- --
Municipal Corporation of Hyderabad
Rationale / Rating Methodologies
Public finance * -- -- -- --
Municipal Corporation, Amritsar
Rationale / Rating Methodologies
Public finance * -- -- -- --
Municipal Corporation, Chandigarh
Rationale / Rating Methodologies
Public finance * -- -- -- --
Municipal Corporation, Faridabad
Rationale / Rating Methodologies
Public finance * -- -- -- --
Municipal Corporation, Ludhiana
Rationale / Rating Methodologies
Public finance * -- -- -- --
Municipal Corporation, Shimla
Rationale / Rating Methodologies
Public finance * -- -- -- --
Muzaffarpur Municipal Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Mysore City Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Mysuru City Corporation
Rationale / Rating Methodologies
Public finance * -- -- -- --
Nagarcoil Municipality
Rationale / Rating Methodologies
Public finance * -- -- -- --
Nandurbar Municipal Council
Rationale / Rating Methodologies
Public finance * -- -- -- --
Recent Releases

  • CreditAccess Grameen Limited – Update on Material Event

    Rationale / 06 Dec 2019

  • Tata Capital Financial Services Limited: [ICRA]AAA(Stable)/[ICRA]A1+ assigned

    Rationale / 06 Dec 2019

  • Hero Mindmine Institute Private Limited: Ratings reaffirmed; rated amount enhanced

    Rationale / 06 Dec 2019