The article discusses the importance of corporate bonds in financing organizations and the need to strengthen the bond market in India. It explores the bond rating process by credit rating agencies and the regulations governing the bond market. The study suggests that credit rating agencies should improve their rating procedures to reduce default probabilities and enhance market survival. Recommendations are provided to enhance the corporate bond market based on bond data and default history. The study also highlights the impact of rating changes on stock prices and emphasizes the importance of providing evidence for such changes.