The development of any nation depends on the growth of its industries, infrastructure, people, trade, etc. But all this could flourish, if there is sufficient finance available. Finance is the basic need for any activity and hence, its avenue and trusted sources play a vital role. Creditworthiness of any individual, company, industry, or nation is an important factor for determining the exact estimation of the economy. Thus, creditworthiness enhances the trust among the investors or debtors and helps them in making investment decisions by managing the credit risk to the optimum. Hence, to evaluate the creditworthiness there are some specialized companies called as Credit Rating Agencies (CRA). They evaluate the risk on various aspects. The concept of CRA emerged in the USA and later was adopted by all the nations. Many experts and authors have worked on the CRAs at national and international level. Extensive literature is available to satisfy one’s inquisitiveness to learn more about these agencies. This research paper is nothing but an attempt to describe the CRA from both Indian and Foreign context. It covers the various concepts related to CRA and put forth the research work done by the several researchers over this concept.