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.
Discover what a Credit Rating is and why it matters.
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 negative outlook.
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
|
India Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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 |