| ICRA | CRISIL | Fitch | CARE | |
|---|---|---|---|---|
| Highest Credit Rating | MAAA | FAAA | tAAA | AAA |
| MAA | FAA | tAA | AA | |
| MA | FA | tA | A | |
| MB | FB | tB | BBB | |
| MC | FC | tC | BB | |
| MD | FD | tD | B | |
| C | ||||
| Lowest Credit Rating | D | |||
| Rating agencies may use '+' or '-' for ratings to indicate comparative standing within the category | ||||