Credit rating agencies like Brickwork, Care and Crystal have one job to decide whether a company is likely to default on its debt obligations. The Securities and Exchange Board of India mandates companies to get a credit rating from a CRA before they go out and borrow money. On the 6th of October SEBI ordered brickwork ratings of BWR to close its shutters for good. It's a shocking decision and even historic perhaps because we have not seen SEbi ask the CRA to wind down this way.