CRIS stands for Comparative Ratings Index for Sovereigns, which has been developed by the Ministry of Finance, GoI. It was unveiled in Feb 2012.
This index provides a comparison of sovereign ratings. The index is based on the ratings data of the global agency Moody's, and the GDP data of 101 nations given by the IMF.
The need for such a comparative index rose because major credit ratings agencies provide the sovereign credit rating of each nation as an absolute grade (A+, AA, B- etc.). How other nations fare does not matter in particular nation's scoring. But this comparison is important because for example: If nation A’s absolute rating is unchanged, but all other nations find their ratings rise, then nation A's comparative rating would go down; and an investor may well have reason to consider pulling some of her investment out of that nation.
In CRIS, India's score has risen from 66.47 in 2007 to 69.83 in 2011. In other words India has become a better investment destination by 5.06%. Also India's rank moved up from 61st position in 2007 to 55th in 2011. The improved score is partly due to the decline in scores of some European nations.
As per CRIS, Paraguay, Indonesia and Peru were the countries that posted the maximum increase in their ratings between 2007 and 2011 while Portugal, Ireland and Pakistan witnessed the biggest fall in the index.
2. Economic Survey 2012 pg.35