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A credit rating is not an end in itself — it's a milestone in a company's financial journey. We partner with clients before, during, and after the rating process, across first-time ratings, upgrades, surveillance reviews, and long-term credit profile enhancement. Each ladder below traces where a client stood, and where they stand today.
Two agencies, the same BB rating, and a business that was stronger than its credit profile suggested.
Client background & challenge: In January 2019, Vulcan was assigned a BB rating by Acuité Ratings. Seeking a better outcome, the company approached CRISIL, which independently arrived at the same BB. A March 2019 review by Acuité left the rating unchanged, and management then turned to ACC.
ACC's analysis & strategy: Our review found the company's underlying strengths were not fully reflected in its rating. Rather than recommending another rating exercise outright, we built a structured plan — a comprehensive business and financial review, an enhanced credit presentation, and a strategic repositioning of the company's story.
Execution & outcome: A detailed analytical representation was submitted to Acuité, which upgraded the rating to BB+. A fresh, well-supported engagement with CRISIL then secured a BBB rating.
Client benefit: The partnership continued well beyond the rating exercise. Today, Vulcan holds an A- rating from CRISIL — the result of years of sustained business and financial improvement.
Downgraded mid-expansion, at the exact moment financing flexibility mattered most.
Client background & challenge: During a major greenfield expansion in 2019, Rushil Decor was downgraded by India Ratings from A- to BBB with a Negative Outlook — significantly affecting borrowing costs at a critical stage.
ACC's analysis & strategy: We believed the company's long-term fundamentals warranted a more balanced evaluation, and advised a revised rating strategy built around clearly presenting the expansion plan, financial profile, and growth prospects.
Execution & outcome: Comprehensive analytical submissions were prepared and presented in a structured manner. Following independent review, Infomerics assigned the company a BBB+ rating — an immediate improvement.
Client benefit: The relationship continued through surveillance reviews and ongoing profile enhancement. Rushil Decor has since regained an A- category rating, reflecting sustained operational and financial progress.
A rating stuck for three years, an industry-wide shock, and a regulator cancelling the agency's licence — none of it broke continuity.
Client background & challenge: Veer Plastics held a BBB rating with ICRA for more than three years despite continuous business improvement. Management engaged ACC in 2017 to reassess the situation.
ACC's analysis & strategy: Our review found strengthened fundamentals not yet reflected in the rating, and we prepared a detailed analytical representation to highlight them. After the IL&FS crisis made rating methodologies more conservative industry-wide, we proactively reassessed strategy again.
Execution & outcome: ICRA upgraded the company to BBB+. It then obtained an A- rating from Brickwork Ratings. When SEBI cancelled Brickwork's licence, ACC immediately guided a smooth transition to Infomerics Ratings.
Client benefit: Veer Plastics continues to maintain an A- rating with Infomerics — proof that Credit Rating Advisory is a long-term partnership, not a one-time assignment.
An investment-grade rating became the foundation for an equity listing a few years later.
Client background & challenge: As Venus Tubes & Pipes prepared for its next phase of growth, management recognised the need to establish a strong institutional credit profile — an investment-grade rating was seen as a critical milestone.
ACC's analysis & strategy: We worked closely with management to assess credit strengths in detail and build a structured rating strategy aligned with the company's institutional growth objectives.
Execution & outcome: Comprehensive analytical submissions were prepared and management was supported throughout. The company achieved an investment-grade rating in 2021, laying a strong foundation for future growth.
Client benefit: The company went on to expand operations, strengthen its financial profile, and list its equity on the stock exchange. It is today rated in the A category by both CRISIL and Infomerics.
A first rating sets the benchmark for every review that follows — so it has to be right the first time.
Client background & challenge: Sunlite Recycling was approaching a credit rating for the first time — a milestone that would establish the benchmark for future lender perception and surveillance reviews. The company wanted a well-planned strategy from the outset.
ACC's analysis & strategy: We conducted a comprehensive assessment of the company's business profile, financial performance, industry position, and future growth plans.
Execution & outcome: ACC assisted management in preparing analytical submissions, management presentations, and strategic responses throughout the process. Following CRISIL's independent assessment, the company was assigned an initial BBB+ rating.
Client benefit: This strong investment-grade outcome established an excellent foundation for the company's credit journey and enhanced its credibility with banks and financial institutions. ACC continues to support the company in maintaining and strengthening its profile.
Understand the business first. Develop the right rating strategy. Prepare thoroughly. Support continuously.
Because sustainable credit quality is built over years — not during a single rating exercise.