A debt security's credit rating is a crucial parameter that tells us the health of the company, and also its ability to pay interests and repay principal in time. It helps if ratings, once given, are consistent. This is why CRISIL's latest Default and Rating Transition study is important. The transition rate measures number of times that credit ratings have changed over time. For example, in FY2011-2021, 98.6 percent of its ‘AAA' ratings and 96.3 percent of its ‘AA' ratings remained the same. A higher rating transition (% of ratings that have changed) can give a good insight into a sector's health, such as changing credit risk scenario in the financial system.