Category Archives: CRISIL

INVITE: CRISIL Web-conference | Will it be sunny days for solar? | June 28 | 3:00 pm onwards

India’s solar industry is aggressively moving towards achieving the government’s target of installing 100 GW capacity by 2021-22. To facilitate this, both the central and state governments are providing several incentives, preparing land banks for solar parks, augmenting transmission infrastructure and implementing the UDAY scheme to improve the finances of distribution companies.

But aggressive bidding, poor grid access, and limited availability — and high cost — of domestic debt are long shadows. Further, rooftop solar projects, despite favourable economics, are witnessing limited traction because of regulatory hurdles such as net metering, poor distribution infrastructure and delays in payment of subsidies.

In this backdrop, CRISIL Research invites you to its web conference titled, “Will it be sunny days for solar?” to share its views on the industry and the competitive landscape.

June 28, 3pm IST

Register now

During the conference, our experts will address topics such as:

  • Realistic estimates of solar capacity additions possible over 2017-20
  • Impact of large-scale solar installations on the power sector value chain generation, transmission and distribution
  • Sustainability of aggressive bidding for projects
  • The inflexion point in rooftop solar market
  • Major challenges for the solar sector in India

CRISIL Research Webconference – Roads sector: Green shoots of recovery? Dec 9, 2014, 4pm IST

In the past, many National Highway projects have failed to take off the ground, marred by issues such as delays in land acquisition and clearances. Every 9 out of 10 projects completed in the past 5 years have witnessed delays. The delays, and the resulting cost overrun have impacted the developer cash flows and returns significantly. Also, it has hampered the overall execution for National Highways, which remains out of grasp of government targets. However, recently the government and the NHAI have implemented a slew of measures directed at improving implementation of projects. Will these measures be successful in reducing delays and improving implementation pace for National Highway projects?

To discuss on-the-ground impact of the reform measures taken by the government, CRISIL Research invites you to a web conference titled “Roads sector: Green shoots of recovery?”

The web conference will be followed by an interactive Q&A session where CRISIL experts will address the following questions:

  • What has been the past experience for project implementation? How have time and cost overrun impacted project returns?
  • What steps has the NHAI / government taken to address the delays?
  • Do we expect these changes to bring down delays for national highway projects?
  • How do we see awarding and implementation for National Highway projects over the long term?

Hosted by:

  • Rahul Prithiani, Director, CRISIL Research
  • Miren Lodha, Associate Director, CRISIL Research
 Register :
About CRISIL Research
CRISIL Research is India’s largest independent and integrated research house. We provide insights, opinions, and analysis on the Indian economy, industries, capital markets and companies. We are Indias most credible provider of economy and industry research. Our industry research covers 70 sectors and is known for its rich insights and perspectives. Our analysis is supported by inputs from our network of more than 4,500 primary sources, including industry experts, industry associations, and trade channels. We play a key role in India’s fixed income markets. We are India’s largest provider of valuations of fixed income securities, serving the mutual fund, insurance, and banking industries. We are the sole provider of debt and hybrid indices to India’s mutual fund and life insurance industries. We pioneered independent equity research in India, and are today India’s largest independent equity research house. Our defining trait is the ability to convert information and data into expert judgments and forecasts with complete objectivity. We leverage our deep understanding of the macroeconomy and our extensive sector coverage to provide unique insights on micro-macro and cross-sectoral linkages. We deliver our research through an innovative web-based research platform. Our talent pool comprises economists, sector experts, company analysts, and information management specialists.
Dial – in – Numbers:
6746 8387 / 3938 1085
Ahmedabad, Bangalore, Bhubaneswar, Chennai, Coimbatore, Delhi (NCR), Goa, Guntur, Indore, Jamshedpur, Kanpur, Kochi/Cochin, Kolhapur, Kolkata, Nagpur, Noida, Patna, Raipur, Rajkot, Surat, Trivandrum, Vadodara, Vijayawada
6000 1221
Chandigarh, Gurgaon (NCR), Hyderabad, Lucknow, Pune
3940 3977
International Toll-free Numbers:
Australia Hong Kong
1 800 053 698 800 964 448
Netherlands Poland
0 800 022 9808 00 800 112 4248
Singapore UAE
800 101 2045 800 017 5282
0 808 101 1573 1 866 746 2133


What’s Behind S&P’s Rating Affirmation On India

Rating On India Affirmed At ‘BBB-/A-3’; Outlook Remains Negative

On Nov. 7, 2013, Standard & Poor’s Ratings Services affirmed the ‘BBB-‘ long-term and ‘A-3’ short-term unsolicited sovereign credit ratings on India. The outlook on the long-term rating remains negative. India’s institutional strengths and high international reserves support our investment-grade rating on India. However, we note a marked slowdown in real growth, which complicates the government’s debt dynamics and ability to implement reforms

What’s Behind Rating Affirmation On India

Standard & Poor’s affirmed the sovereign rating of India at BBB- with a negative outlook on November 7, 2013. In this CreditMatters TV segment, Standard & Poor’s Director of Sovereign Ratings Takahira Ogawa discusses the reasons behind the affirmation and the outlook for the sovereign.

Do Asian Corporates Face A Rough Ride Going Into 2014?

In this CMTV, Terry Chan, Head of Credit Research, Corporate Ratings discusses the findings from the recently published Credit Conditions Report for Asia-Pacific.

Watch full vidoe at

Economy FirstCut Inflation: WPI inflation at a 7-month high

WPI Inflation rose to 6.5 per cent in September from 6.1 per cent in August. WPI inflation has surged in the last four months from 4.6 per cent in May due to rising inflation in primary articles and fuels, which have over one-third weightage in the WPI. The prices of primary articles rose over 13.5 per cent in September. Core inflation – measured by both non-food manufacturing inflation and CRISIL Core Inflation Indicator (CCII) – continued to remain weak at 2.1 per cent and 2.7 per cent, respectively in September. With inflation now out of RBI’s comfortzone for four months in a row, we expect a 25 bps repo rate hike on October 29, 2013.

Read more at Economy First Cut Inflation

Indian Banks May Need INR2.6 Trillion Of Additional Capital By 2018 As They Strive To Meet Basel III Requirements

In the high-growth Indian banking system, banks face a constant need to replenish capital at regular intervals to support their growth. In addition, from April 1, 2013, Indian banks will begin to implement the new Basel III capital requirements. In Standard & Poor’s Ratings Services’ view, the higher capital requirement under Basel III will increase pressures on Indian banks to raise capital and could lead to some changes in the industry. However, we believe the top-tier banks in the Indian banking sector are relatively well-placed to manage the transition toward Basel III and the demands of a high-growth banking system.

CRISIL Annual Default and Ratings Transition Study – 2012

The overall annual default rate for CRISIL-rated firms was 5.3 per cent in 2012––a 13-year high––as against 3.5 percent in 2011. Instances of default by CRISIL-rated firms increased to 341, the highest for any year, from 161 in 2011.

Read full report at


CRISIL Webconference Understanding Credit Risk Modelling: An Industry Perspective 4th Sept, 8pm

Date : September 4, 2013
Time : New York -1030 hrs | London – 1530 hrs | Mumbai – 2000 hrs
Cost : Waived


India Toll Free 1 800 200 1221

Register at