India Credit Rating

CREDIT RATINGS • SUMMARY
INDIA
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Rating Agency Rating Outlook Last Update Action
Standard & Poor's BBB- positive 29 May 2024 outlook upgrade
Moody's Investors Service Baa3 - 5 Oct 2021 outlook upgrade
Fitch Ratings BBB- - 10 Jun 2022 outlook upgrade
DBRS BBB (low) positive 15 May 2024 outlook upgrade

Current India credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive India ability to honor its financial commitments.

The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of India, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.

India: Long-term Rating Scales Comparison

India long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with India sovereign debt. These scales help investors understand the likelihood that India will meet its financial obligations.

Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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Grade Description S&P Moody's Fitch DBRS
Investment
Grade
Prime
AAA
Aaa
AAA
AAA
High Medium Grade
AA+
Aa1
AA+
AA(high)
AA
Aa2
AA
AA
AA-
Aa3
AA-
AA(low)
Upper Medium Grade
A+
A1
A+
A(high)
A
A2
A
A
A-
A3
A-
A(low)
Lower Medium Grade
BBB+
Baa1
BBB+
BBB(high)
BBB
Baa2
BBB
BBB
BBB-
Baa3
BBB-
BBB(low)
Speculative
Grade
Speculative
BB+
Ba1
BB+
BB(high)
BB
Ba2
BB
BB
BB-
Ba3
BB-
BB(low)
Highly Speculative
B+
B1
B+
B(high)
B
B2
B
B
B-
B3
B-
B(low)
Substantial Risk
CCC+
Caa1
CCC+
CCC(high)
CCC
Caa2
CCC
CCC
CCC-
Caa3
CCC-
CCC(low)
Extremely Speculative
CC
Ca
CC
CC
C
C
C
C
In Default
RD
/
RD
RD
SD
/
SD
SD
D•NR
D•NR
D•NR
D•NR
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India Credit Ratings historical data

Timetable of India credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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Date S&P Moody's Fitch DBRS
29 May 2024 BBB-
15 May 2024 BBB (low)
10 Jun 2022 BBB-
5 Oct 2021 Baa3
20 May 2021 BBB (low)
18 Jun 2020 BBB-
1 Jun 2020 Baa3
22 May 2020 BBB
8 Nov 2019 Baa2
16 Nov 2017 Baa2
5 Nov 2015 BBB
9 Apr 2015 Baa3
5 Nov 2014 BBB (low)
26 Sep 2014 BBB-
30 Sep 2013 BBB(low)
12 Jun 2013 BBB-
18 Jun 2012 BBB-
25 Apr 2012 BBB-
23 Jun 2011 BBB (low)
18 Mar 2010 BBB-
13 Oct 2009 BBB (low)
24 Feb 2009 BBB-
26 Jun 2007 BBB (low)
30 Jan 2007 BBB-
1 Aug 2006 BBB-
19 Apr 2006 BB+
2 Feb 2005 BB+
23 Aug 2004 BB
22 Jan 2004 Baa3
21 Jan 2004 BB+
16 Dec 2003 BB
16 Oct 2003 Ba1
3 Feb 2003 Ba1
14 Nov 2002 Ba2
22 Nov 2001 BB
8 Aug 2001 Ba2
7 Aug 2001 BB
31 May 2001 BB+
10 Oct 2000 BB
20 Mar 2000 BB
8 Mar 2000 BB+
6 Oct 1999 Ba2
22 Oct 1998 BB
19 Jun 1998 Ba2
22 May 1998 BB+
8 Jan 1998 Baa3
6 Oct 1997 BB+
1 Oct 1996 BB+
1 Dec 1994 Baa3
14 Sep 1994 Ba2
24 Jun 1991 Ba2
29 May 1991 BB+
26 Mar 1991 Baa3
7 Mar 1991 BBB-
4 Oct 1990 Baa1
13 Sep 1990 BBB
28 Jan 1988 A2
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