Credit Rating Improvement · Question

What documents does a rating agency ask a borrower to submit?

Short answer

Agencies typically ask for audited financial statements for several past periods, recent provisional figures, details of every borrowing and its repayment record, financial projections, and information on promoters, customers, suppliers and group companies. The exact list varies by agency and business, so wait for the agency's own information request before assembling the final file.

In more detail

The request list is long because the analyst needs to understand both the numbers and the story behind them. Most requests fall into the following buckets.

Common information groups
Group	Examples
Financials	Audited statements with notes, recent provisional results, schedules of major items
Debt and banking	Sanction letters, loan statements, repayment history, security details, bank limits and utilisation
Projections	Expected sales, profit and cash flow, with the assumptions behind them
Operations	Product mix, capacity, major customers and suppliers, order book, contracts
Ownership and management	Shareholding, promoter background, group structure, related-party transactions
Compliance	Tax filings, statutory payment status, pending litigation and notices

Provide documents in a consistent set rather than in scattered emails. Add a covering note that explains unusual items: a big one-off sale, a restated figure, a shift in customers. Make sure the figures reconcile between audited accounts, tax returns and lender statements, since mismatches create follow-up questions that slow the process.

Build a standing rating folder

Keep a single folder updated each quarter with the latest statements, bank limit details, order book summary and compliance status. You will be ready for both the first rating and each surveillance review without a scramble.

Be candid about weaknesses in the file. Analysts commonly find problems regardless, and a disclosed and explained issue reads better than one discovered late.

Key points

Expect audited and provisional financials, debt details, projections, operational and ownership information.
The agency's own information request defines the final list; do not rely on a generic checklist alone.
Reconcile figures across accounts, tax returns and lender records before submission.
Add short explanatory notes for unusual items rather than leaving analysts to guess.
Maintain a standing folder so reviews do not trigger a last-minute scramble.

Who this applies to

Borrowers about to be rated for the first time.
Finance teams assembling the file for a surveillance review.
Promoters who want to know what will be examined before the management meeting.

Last reviewed 3 October 2026

This answer is general information, not advice on your particular case. Terms, eligibility, and requirements change, so check the current position with the relevant institution or authority. Lalsar Holdings' financial advisory and financing work is advisory and facilitation only. Lalsar Holdings is not a lender. Sanction and disbursement of any credit facility is at the sole discretion of the partner bank, NBFC, or financial institution involved, subject to their own eligibility criteria and credit policy.