Rediff Cricket Rankings

As the name suggests, the ratings are sponsored by rediff.com; a famous news portal. The rankings have been developed by 'M J Manohar Rao & Srinivas Bhogle', both of whom are experts in their fields.
The ODI ratings are based on WI & TI which stands for Weighted Index & Tournament index. Every win/loss affects the weighted index of a team. On the other hand wins in important matches and tournaments affects Tournament index. 80% of WI and 20% of TI add up to form 'ODI RBI', which is the rating of a country.

As for tests you can read the column written by the authors themselves which is in itself quite exhaustive - http://www.rediff.com/cricket/2001/nov/01ranks.htm

ODI Ratings
Rediff Top Ten Teams

Test Ratings
Rediff Top Ten Teams


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