Index dashboard

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Index dashboard

November 2023

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Index dashboard — November 2023

Index Yield

(EOM) Yield(BOM) MD MacD 1-M 3-M 12-M 3Y 5Y

Composite indices 1

Month 3 month

1 3 5

year year year CRISIL Liquid Debt Index 7.15 7.21 0.11 0.11 0.58 1.75 7.08 5.15 5.46 CRISIL Ultra Short Term Debt

Index 7.65 7.67 0.40 0.43 0.60 1.76 7.57 5.54 6.22

CRISIL Low Duration Debt Index 7.84 7.85 0.72 0.78 0.59 1.70 7.50 5.43 6.57

CRISIL Short Term Bond Index 8.03 8.02 1.88 2.02 0.60 1.51 7.13 4.92 7.06 CRISIL Medium Term Debt

Index 8.05 8.04 3.23 3.47 0.58 1.26 6.66 4.34 7.49

CRISIL Medium To Long Term

Debt Index 7.66 7.69 5.38 5.68 0.83 1.00 6.71 4.23 7.50

CRISIL Long Term Debt Index 7.71 7.73 7.83 8.25 0.79 0.49 6.37 4.09 7.86 CRISIL Composite Bond Index 7.75 7.76 4.89 5.15 0.74 0.98 6.72 4.17 7.31 CRISIL Dynamic Debt Index 7.74 7.76 5.30 5.59 0.76 0.91 6.56 4.31 7.34 CRISIL Short Term Corporate

Bond Index 8.03 7.98 1.47 1.59 0.53 1.50 7.16 5.01 7.32

CRISIL Medium Term Corporate

Bond Index 8.07 8.05 3.07 3.30 0.54 1.25 6.73 4.37 7.48

CRISIL Long Term Corporate

Bond Index 7.86 7.87 5.64 6.05 0.66 0.90 6.43 4.86 7.99

CRISIL Corporate Bond

Composite Index 8.00 7.98 3.43 3.68 0.59 1.23 6.80 4.75 7.58

CRISIL Short Term Credit Risk

Index 9.28 9.23 1.30 1.40 0.63 1.76 8.45 6.87 8.40

CRISIL Medium Term Credit

Risk Index 9.45 9.39 2.06 2.20 0.61 1.66 9.45 7.14 8.74

CRISIL Composite Credit Risk

Index 9.37 9.34 2.93 3.13 0.67 1.57 9.66 7.68 8.79

CRISIL Banking and PSU Debt

Index 7.72 7.71 3.40 3.64 0.58 1.32 6.48 4.43 6.94

CRISIL – Aggressive Credit Debt

Term Index 10.74 10.65 2.46 2.59 0.59 1.82 11.66 9.89 10.22

Gilt Indices

CRISIL Short Term Gilt Index 7.26 7.34 2.56 2.65 0.80 1.55 6.73 4.35 6.75 CRISIL Medium Term Gilt Index 7.31 7.39 5.62 5.83 1.03 1.02 7.04 3.99 7.13 CRISIL Long Term Gilt Index 7.45 7.49 10.08 10.46 0.96 0.03 6.56 3.58 7.71 CRISIL Composite Gilt Index 7.34 7.41 6.63 6.87 0.95 0.70 6.70 3.50 6.91 CRISIL Dynamic Gilt Index 7.34 7.40 6.28 6.51 0.95 0.71 6.61 3.94 7.07 CRISIL 10 Year Gilt Index 7.28 7.35 6.82 7.07 1.09 0.66 6.77 2.93 5.96

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Index Yield

(EOM) Yield(BOM) MD MacD 1-M 3-M 12-M 3Y 5Y CRISIL Broad Based Long Term

Gilt Index 7.44 7.48 9.89 10.26 1.06 0.26 6.94 3.98 7.95

CRISIL Broad Based Medium

Term Gilt Index 7.31 7.41 5.48 5.69 1.14 1.10 7.22 4.21 7.44

CRISIL Broad Based Short Term

Gilt Index 7.23 7.28 2.11 2.19 0.78 1.57 6.84 4.48 6.59

CRISIL Broad Based Gilt Index 7.34 7.40 6.40 6.64 1.01 0.89 6.99 4.21 7.44

SDL Index

CRISIL 10 Year SDL Index 7.72 7.69 6.66 9.66 0.37 -0.33 5.58 2.68 6.67

Credit Indices

CRISIL AAA Long Term Bond

Index 7.82 7.83 6.05 6.50 0.66 0.82 6.11 4.29 8.29

CRISIL AAA Medium Term Bond

Index 7.94 7.91 3.12 3.37 0.53 1.21 6.30 3.99 7.43

CRISIL AAA Short Term Bond

Index 7.92 7.86 1.69 1.82 0.51 1.41 6.94 4.74 7.16

CRISIL AAA up to 1 Year Short

Term Bond Index 7.64 7.64 0.41 0.44 0.60 1.73 7.53 5.30 6.37

CRISIL AAA 1 to 3 Year Short

Term Bond Index 8.01 7.94 1.92 2.07 0.50 1.37 6.84 4.66 7.34

CRISIL Composite AA Long

Term Bond Index 8.71 8.69 5.50 5.94 0.54 0.92 8.95 9.34 8.65

CRISIL Composite AA Medium

Term Bond Index 9.31 9.20 3.17 3.41 0.42 1.29 10.93 7.62 8.85

CRISIL Composite AA Short

Term Bond Index 9.21 9.16 1.18 1.28 0.61 1.71 8.48 6.75 8.33

CRISIL AA and AA+ Long Term

Bond Index 8.68 8.67 5.56 6.00 0.65 1.22 7.07 7.34 8.28

CRISIL AA and AA+ Medium

Term Bond Index 9.70 9.66 3.31 3.57 0.65 1.57 9.44 6.84 8.87

CRISIL AA and AA+ Short Term

Bond Index 9.17 9.10 0.96 1.05 0.57 1.75 8.33 6.60 8.06

CRISIL AA and AA+ up to 1 Year

Short Term Bond Index 8.51 8.48 0.41 0.45 0.65 1.88 8.36 6.66 7.85

CRISIL AA and AA+ 1 to 3 Year

Short Term Bond Index 9.86 9.78 1.75 1.92 0.64 1.60 8.42 6.37 7.90

CRISIL AA+ Long Term Bond

Index 8.51 8.48 5.66 6.14 0.47 1.00 6.55 5.20 6.21

CRISIL AA+ Medium Term Bond

Index 8.61 8.55 3.26 3.53 0.50 1.33 7.02 5.43 7.23

CRISIL AA+ Short Term Bond

Index 8.35 8.31 1.06 1.15 0.55 1.60 7.81 5.62 7.69

CRISIL AA Long Term Bond

Index 8.91 8.90 5.31 5.70 0.61 0.82 8.74 14.30 12.33

CRISIL AA Medium Term Bond

Index 10.80 10.79 3.06 3.31 0.85 2.02 14.01 8.72 10.33

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Index Yield

(EOM) Yield(BOM) MD MacD 1-M 3-M 12-M 3Y 5Y CRISIL AA Short Term Bond

Index 10.07 10.04 1.33 1.47 0.70 1.83 8.79 7.35 8.51

CRISIL AA- Long Term Bond

Index 9.66 9.63 5.51 5.79 0.61 0.96 20.49 11.98 8.30

CRISIL AA- Medium Term Bond

Index 10.67 10.38 2.95 3.08 -0.10 0.74 12.51 10.04 9.49

CRISIL AA- Short Term Bond

Index 9.96 9.80 1.16 1.22 0.55 1.79 9.45 7.49 8.95

CRISIL A Medium to Long Term

Bond Index 11.64 11.61 3.92 3.99 0.84 2.36 12.49 12.84 10.76

CRISIL A Short Term Bond

Index 11.42 11.36 0.98 1.03 0.84 2.37 11.32 11.47 11.26

CRISIL A Medium Term Bond

Index 11.71 11.62 2.66 2.76 0.67 2.12 13.93 12.49 11.60

CRISIL Medium to Long Term

Banking Debt Index 8.52 8.53 9.43 10.24 0.66 1.27 6.00 5.92 8.54

CRISIL Short Term Banking

Debt Index 8.24 8.26 1.10 1.19 0.67 1.57 7.65 5.71 7.84

CRISIL Medium to Long Term

PSU Debt Index 7.72 7.70 4.82 5.14 0.53 1.03 5.87 3.65 7.54

CRISIL Short Term PSU Debt

Index 7.68 7.65 1.37 1.47 0.53 1.44 6.84 4.41 6.72

CRISIL Liquid Debt A-I Index 7.14 7.18 0.11 0.12 0.58 1.74 7.04 5.06 5.26 CRISIL Liquid Debt B-I Index 7.19 7.25 0.11 0.12 0.59 1.75 7.12 5.16 5.42 CRISIL Low Duration Debt A-I

Index 7.60 7.60 0.75 0.80 0.57 1.66 7.28 5.10 6.30

CRISIL Low Duration Debt B-I

Index 7.90 7.93 0.61 0.66 0.60 1.74 7.63 5.51 6.35

CRISIL Low Duration Debt C-I

Index 8.19 8.26 0.60 0.66 0.64 1.84 7.95 6.04 6.73

CRISIL Short Duration Debt A-II

Index 7.67 7.67 1.73 1.86 0.60 1.50 6.92 4.66 6.73

CRISIL Short Duration Debt B-II

Index 8.48 8.47 1.73 1.86 0.63 1.58 7.56 5.39 7.17

CRISIL Short Duration Debt C-II

Index 10.02 9.97 1.44 1.50 0.68 1.93 10.02 9.01 9.43

CRISIL Medium Duration Debt

A-III Index 7.84 7.82 3.19 3.42 0.58 1.24 6.36 4.06 7.37

B-III Index 8.63 8.61 3.35 3.61 0.61 1.38 7.66 5.37 8.03

C-III Index 10.17 10.08 3.34 3.53 0.52 1.46 12.65 9.05 9.42

CRISIL Medium to Long Duration

Debt A-III Index 7.60 7.63 5.19 5.47 0.82 1.00 6.62 4.08 7.53

Debt B-III Index 8.68 8.67 4.56 4.89 0.68 1.24 7.74 5.71 8.36

Debt C-III Index 9.16 9.15 5.25 5.56 0.68 1.04 11.57 11.98 10.52

CRISIL Long Duration Debt A-III

Index 7.64 7.66 8.03 8.44 0.81 0.43 6.33 3.95 8.01

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Index Yield

(EOM) Yield(BOM) MD MacD 1-M 3-M 12-M 3Y 5Y CRISIL Credit Risk Debt C-II

Index 9.60 9.54 1.26 1.34 0.66 1.87 9.15 7.69 8.97

CRISIL Credit Risk Debt C-III

Index 9.87 9.77 3.19 3.36 0.45 1.44 10.38 8.37 8.91

CRISIL Corporate Bond B-II

Index 8.27 8.24 1.37 1.47 0.57 1.57 7.58 5.41 7.58

CRISIL Corporate Bond B-III

Index 8.46 8.42 3.17 3.42 0.54 1.35 7.09 5.25 7.29

CRISIL Dynamic Bond A-III

Index 7.61 7.63 5.52 5.82 0.78 0.85 6.40 4.05 7.49

CRISIL Dynamic Bond B-III

Index 8.68 8.67 4.62 4.95 0.67 1.21 7.70 5.70 8.36

CRISIL Dynamic Bond C-III

Index 9.14 9.13 5.33 5.65 0.67 1.00 11.51 11.97 10.51

CRISIL Money Market A-I Index 7.36 7.36 0.24 0.26 0.59 1.75 7.34 5.24 5.75 CRISIL Money Market B-I Index 7.44 7.48 0.29 0.32 0.60 1.78 7.45 5.32 5.80 CRISIL Money Market C-I Index 7.85 7.93 0.28 0.30 0.64 1.90 7.83 5.95 6.33 CRISIL Ultra Short Duration Debt

A-I Index 7.49 7.51 0.32 0.35 0.60 1.74 7.44 5.28 6.00

CRISIL Ultra Short Duration Debt

B-I Index 7.68 7.71 0.30 0.32 0.61 1.80 7.66 5.59 6.23

CRISIL Ultra Short Duration Debt

C-I Index 7.97 8.05 0.28 0.30 0.65 1.91 7.94 6.09 6.55

Money Market Indices

CRISIL Liquid Overnight Index 6.76 6.76 0.00 0.00 0.56 1.69 6.70 4.82 4.78 CRISIL 1 Month CD Index 7.12 7.09 0.06 0.07 0.59 1.80 7.25 5.26 5.40 CRISIL 2 Month CD Index 7.28 7.20 0.12 0.13 0.59 1.78 7.32 5.30 5.53 CRISIL 3 Month CD Index 7.40 7.38 0.19 0.20 0.59 1.75 7.40 5.39 5.85 CRISIL 6 Month CD Index 7.68 7.64 0.40 0.43 0.60 1.74 7.60 5.59 6.35

CRISIL 1 Year CD Index 7.98 7.94 0.82 0.89 0.58 1.61 7.41 5.14 6.59

CRISIL Composite CD Index 7.57 7.53 0.37 0.40 0.59 1.72 7.44 5.34 5.89 CRISIL 1 Month CP Index 7.57 7.26 0.07 0.07 0.61 1.85 7.60 5.64 5.85 CRISIL 2 Month CP Index 7.50 7.51 0.13 0.14 0.61 1.84 7.65 5.59 5.87 CRISIL 3 Month CP Index 7.56 7.69 0.19 0.20 0.62 1.82 7.65 5.64 6.27 CRISIL 6 Month CP Index 8.21 8.30 0.39 0.42 0.65 1.91 8.35 6.31 7.26

CRISIL 1 Year CP Index 8.65 8.42 0.80 0.86 0.62 1.75 8.60 6.45 7.53

CRISIL Composite CP Index 7.70 7.78 0.25 0.27 0.62 1.83 7.80 5.75 6.26 CRISIL 1 Month T-Bill Index 6.87 6.81 0.08 0.08 0.57 1.70 6.81 4.89 4.99 CRISIL 2 Month T-Bill Index 6.90 6.85 0.15 0.16 0.57 1.70 6.89 4.93 5.10 CRISIL 91 day T-Bill Index 6.96 6.91 0.22 0.24 0.58 1.73 6.94 4.98 5.27 CRISIL 182 day T-bill index 7.13 7.12 0.45 0.48 0.62 1.78 7.13 5.06 5.49

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Index Yield

(EOM) Yield(BOM) MD MacD 1-M 3-M 12-M 3Y 5Y CRISIL 1 Year T-Bill Index 7.13 7.15 0.92 0.98 0.60 1.73 6.97 4.72 5.63 CRISIL Composite T-Bill Index 7.06 7.04 0.47 0.51 0.60 1.74 7.01 4.94 5.41 CRISIL Money Market Index 7.50 7.52 0.34 0.37 0.61 1.77 7.49 5.47 5.99 CRISIL Money Market Index-

Insurance 7.44 7.44 0.53 0.56 0.61 1.77 7.39 5.30 5.97

CRISIL Upto 91 Day CD Index -

A_ 7.08 7.12 0.10 0.10 0.57 1.72 6.99 4.86 5.05

CRISIL Upto 91 day CD Index -

B 7.08 7.19 0.10 0.11 0.58 1.73 7.11 5.08 5.32

CRISIL Upto 365 Day CD index -

A 7.29 7.30 0.28 0.30 0.58 1.71 7.34 4.98 5.62

CRISIL Upto 365 Day CD index -

B 7.30 7.36 0.25 0.27 0.59 1.73 7.44 5.29 5.87

CRISIL Upto 365 Day CD Index -

C 7.75 7.82 0.27 0.29 0.62 1.87 7.64 5.73 6.25

CRISIL Upto 365 Day CP Index -

A 7.62 7.65 0.23 0.25 0.60 1.78 7.56 5.41 5.97

B 7.88 7.99 0.20 0.21 0.63 1.90 7.88 5.66 5.98

C 8.33 8.48 0.21 0.23 0.69 2.02 8.40 6.48 6.75

A 7.42 7.52 0.10 0.11 0.59 1.77 7.25 5.22 5.44

B 7.62 7.76 0.09 0.10 0.62 1.84 7.55 5.54 5.91

Dollar Indices

CRISIL Composite Bond Dollar

Index 0.65 0.17 4.48 0.03 3.53

CRISIL Short Term Bond Dollar

Index 0.51 0.69 4.87 0.75 3.29

CRISIL Liquid Debt Dollar Index 0.49 0.93 4.83 0.97 1.74

CRISIL Dynamic Gilt Dollar

Index 0.86 -0.10 4.37 -0.20 3.29

CRISIL 10 Year Gilt Dollar Index 0.99 -0.15 4.52 -1.16 2.23

CRISIL 91 day T-Bill Dollar Index 0.49 0.91 4.69 0.81 1.55

CRISIL 1 Year T-Bill Dollar Index 0.50 0.91 4.72 0.56 1.91

CRISIL FPI Dollar Index 0.61 0.15 4.32 0.11 3.62

Hybrid Indices

CRISIL Hybrid 25+75 -

Aggressive Index 5.24 4.68 10.21 15.41 13.86

CRISIL Hybrid 50+50 - Moderate

Index 3.74 3.46 9.12 11.67 11.93

Conservative Index 2.24 2.23 7.96 7.92 9.74

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Index Yield

(EOM) Yield(BOM) MD MacD 1-M 3-M 12-M 3Y 5Y CRISIL Hybrid 35+65 -

Aggressive Index 4.64 4.20 9.78 13.91 13.12

CRISIL Short Term Debt Hybrid

75+25 Fund Index 2.14 2.63 8.27 8.50 9.55

CRISIL Short Term Debt Hybrid

60+40 Fund Index 3.06 3.30 8.92 10.64 10.93

CRISIL Arbitrage Index 0.44 1.63 7.76 6.20 6.46

CRISIL Equity Savings Index 2.26 2.66 7.99 9.98 10.09

FPI indices

CRISIL FPI Index 7.85 7.85 7.97 5.41 0.71 0.97 6.56 4.26 7.41

MD and MacD are as of the beginning of the month; returns for periods over one year are annualised

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Summary

Source: CRISIL MI&A Research

Gilt indices

The yield on the 10-year benchmark government security (G-sec; 7.18% GS 2033) closed November at 7.28%, down 7 basis points (bps) from its October close of 7.35%.

Though volatility in the bond market was high in November, yields on the 10-year benchmark closed below 7.3%.

At the start of the month, bonds traded largely with a positive bias tracking the decline in United States (US) Treasury yields amid softer US economic data and lower crude oil prices. At the start of the month, the yields peaked at 7.36%, but quietened after the US bond yields fell sharply from 4.8%, at the start of Nov, to ~4.25%

towards November-end.

The Consumer Price Index (combined) inflation for October printed at 4.87%, lower than the previous reading of 5.02%, due to softening food prices.

As the month progressed, however, bonds traded largely with a negative bias with concerns on food inflation spiking for November and December. The possibility of Reserve Bank of India announcing open market operation sales also weighed on the yields. Lower-than-expected cut-off prices at the weekly auction further added to the negative sentiment. Trading volumes remained low due to lack of significant domestic cues.

The CRISIL 10-year SDL Index returned 0.37% in November, with the yield hardening 4 bps on-month.

Note: All yield levels quoted are volume-weighted average yields in the last trading hour of the day.

6.90%

7.00%

7.10%

7.20%

7.30%

7.40%

7.50%

7.60%

7.70%

7.80%

7.90%

31-Oct-23 3-Nov-23 6-Nov-23 9-Nov-23 12-Nov-23 15-Nov-23 18-Nov-23 21-Nov-23 24-Nov-23 27-Nov-23 30-Nov-23

Yield comparison

CRISIL 10 Year Gilt Index yield CRISIL AAA Long Term Bond Index yield CRISIL 10 Year SDL Index yield

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Credit indices

Returns on credit indices ranged between -0.10% and 0.85% in November, compared with -0.57% and 0.73% in October. Credit spreads on annualised G-sec yields in the 10-year maturity segment — based on the PSU FI benchmark paper in the 10-year segment — widened 7 bps on-month, compared with a 4 bps tightening in October. Yield in the one-year segment hardened 11 bps compared with a 15 bps increase in October, and that in the 10-year segment was flattish vis-à-vis the previous month’s 11 bps rise.

Money market indices

Variable-rate reverse repo auctions received a better response in November as compared with previous months.

The two auctions received offers that were approximately 43% of the notified amount, as compared with 12% in October and 24% in September. Liquidity in the banking system fluctuated constantly. November started with a Rs 54,534.23 crores liquidity deficit in the first week, which went to Rs 37,975.77 crores surplus by the end of the week.

The deficit surged to Rs 176,850.23 crores in the third week due to advance Goods and Services Tax payments and festival-induced currency in circulation. By November-end, the liquidity deficit was Rs 48,754.92 crores against Rs 106,032.23 crores in October-end due to redemption of government securities.

Returns on money-market indices ranged from 0.56% to 0.68%, compared with 0.45% to 0.67% in October. Index yields for 3-month certificates of deposit (CDs) increased 5 bps, while the 3-month commercial paper (CP) was flattish; yields for 91-day treasury bills (T-bills) also rose 5 bps.

0.59%

0.62%

0.58%

0.05%

0.00%

0.05%

0.00%

0.01%

0.02%

0.03%

0.04%

0.05%

0.06%

0.560%

0.570%

0.580%

0.590%

0.600%

0.610%

0.620%

CRISIL 3 Month CD Index CRISIL 3 Month CP Index CRISIL 91 Day T-Bill Index One month returns Change in yield (%)

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Dollar indices

Returns on dollar-denominated fixed-income indices ranged between 0.49% and 0.99%, compared with 0.58% and 1.09% for rupee-denominated peers. Though the pace of depreciation was much lower, the local currency

depreciated 0.097%, recording its lowest level in one year against the US dollar.

Note: All yield levels quoted are volume-weighted average yields in the last trading hour of the day

SDL, T-bill, corporate bond, CP/CD, and G-sec trading volume (Rs crore)

Source: CRISIL MI&A Research

For further information on CRISIL indices, visit http://www.crisil.com/capital-markets/indices.html Note: All yield levels quoted are volume-weighted average yields in the last trading hour of the day

No material disciplinary action has been taken against CRISIL MI&A Research or its analysts by any Regulatory Authority impacting Research Analyst activities.

82.95 83 83.05 83.1 83.15 83.2 83.25 83.3 83.35 83.4 83.45

1-Nov-23 2-Nov-23 3-Nov-23 4-Nov-23 5-Nov-23 6-Nov-23 7-Nov-23 8-Nov-23 9-Nov-23 10-Nov-23 11-Nov-23 12-Nov-23 13-Nov-23 14-Nov-23 15-Nov-23 16-Nov-23 17-Nov-23 18-Nov-23 19-Nov-23 20-Nov-23 21-Nov-23 22-Nov-23 23-Nov-23 24-Nov-23 25-Nov-23 26-Nov-23 27-Nov-23 28-Nov-23 29-Nov-23 30-Nov-23

USD/INR

-

200,000.00 400,000.00 600,000.00 800,000.00 1,000,000.00 1,200,000.00

- 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 500,000.00

Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 G-sec Volume

SDL, T-bills, corporate bonds, CP/CD volumes

SDL T-bill CD CP Corporate bonds G-sec

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Contact details.

Jainish Shah

Manager – Funds & Fixed Income Research +91- 9022252437

[email protected]

Siddhesh Kasarekar

Senior Research Analyst – Funds & Fixed Income Research +91- 9920030906

[email protected]

Shubham Alshi

Research Analyst – Funds & Fixed Income Research +91- 9029692609

[email protected]

Shubham Bhosale

Research Analyst – Funds & Fixed Income Research +91- 9011395069

[email protected]

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CRISIL Market Intelligence & Analytics, a division of CRISIL, provides independent research, consulting, risk solutions, and data

& analytics. Our informed insights and opinions on the economy, industry, capital markets and companies drive impactful decisions for clients across diverse sectors and geographies.

Our strong benchmarking capabilities, granular grasp of sectors, proprietary analytical frameworks and risk management solutions backed by deep understanding of technology integration, make us the partner of choice for public & private organisations, multi-lateral agencies, investors and governments for over three decades.

About CRISIL Limited

CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better.

It is India's foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong, UAE and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

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