India Ratings & Research's (Ind-Ra) Public Finance Group rates securities of state owned corporations, municipal corporations, various other local bodies and special purpose vehicles incorporated for executing / financing public infrastructure projects. Ratings can be assigned on a 'stand-alone' basis, recognizing the intrinsic strengths of the issuer or they could be structured ratings that factor in one or more layers of credit enhancements.

Ind-Ra has developed a comprehensive credit analysis approach based on:

> An assessment of the relationship between the various tiers of government and an analysis of the link between the public sector entity and the subnational
> The appropriate balance between economic and financial criteria as well as between objective and qualitative factors
> The capacity to place highly diverse situations in an international perspective while at the same time incorporating the localised flavour unique to domestic conditions

In its assessment of the credit quality of subnationals (or states) and local bodies, Ind-Ra employs a comprehensive framework that encompasses:

> Institutional & Administrative Framework
> Economic & Social Profile
> Financial Performance & Position
> Debt Position & Capital Investment Needs
> Management Policies & Practices

Leveraging its global expertise through a seamless transfer of knowledge, Ind-Ra is able to play an important role in the evolution of the public finance market in India by pioneering the rating of transactions that represent innovative financing models.