In this article it mentioned about credit risk, explosion of credit risk, credit risk raisers, inclusion of credit risks, default probability of credit risks, Evaluation Factors Credit Risks, Altman’s Z Score of credit scoring, Credit Rating, Functions of Credit Ratings, Benefits of credit instruments, Disadvantages of credit rating, Types of credit rating, Sovereign Vs. Corporate Credit Rating, Credit Risk Management & Techniques and Principles for the Assessment of Banks’ Management of Credit Risk.