It was a joint-venture between Moody's and various Indian commercial banks and financial services companies.

The company changed its name to ICRA Limited, and went public on 13 April 2007, with a listing on the Bombay Stock Exchange and the National Stock Exchange.

[3] As of end December 2020, Moody's Corporation owns a 51.86% majority stake.

ICRA ratings may be understood as relative rankings of credit risk within India.

ICRA's ratings (other than Structured Finance Ratings) in the investment grade convey the relative likelihood of default, i.e., the possibility of the debt obligation not being met as promised.