When AA+ Means “Ask Again”: Manufactured Ratings, Piramal Finance, and the Credit Ratings Trap
When AA+ Means “Ask Again”: Manufactured Ratings, Piramal Finance, and the Credit Ratings Trap Posted on 6th January, 2026 (GMT 01:36 hrs) Authored by DHFL Victim⤡ ABSTRACT Despite glowing CRISIL AA+/Stable ratings, Piramal Finance’s strength is an illusion built on conflicted issuer-paid ratings, legacy DHFL fraud asymmetries (₹45,000 Cr recoveries valued at Re 1, massive retail haircuts), governance controversies, political proximity, and a backdoor listing that bypassed scrutiny. High ratings enable cheap funding and retail mobilisation—while systematically ignoring forensic risks, related-party issues, and resolution inequities seen in IL&FS, Yes Bank, DHFL. This is systemic: manufactured trust, socialised losses, privatised gains. Ratings are opinions, not guarantees. Demand truth before investing. A Call to Investors, Depositors, and Market Participants Executive Warning – Piramal Finance: High Ratings ≠ Safety Investor Alert – January 20...