Credit rating is the symbolic indicator of the current opinion of rating agenciesregarding the relative capability of issuer of debt instrument, to service the debt obligations as per contract. The corporations with specialized functions namely, assessment of the likelihood of the timely payments by an issuer on a financial obligation is known as Credit Rating Agencies. Credit rating business in India is a sweet spot as it is on the cusp of robust growth potential, driven by three triggers: Strong capex cycle in Indian economy, lower penetration of corporate bond market and regulatory push due to implementation of Basel II norms. The most significant change in recent relates to emphasis on their accountability and more important, the caution in regulators’ use of ratings.