Current India credit ratings, according to main rating agencies.
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| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | BBB- | - | 26 Sep 2014 | outlook upgrade |
| Moody's Investors Service | Baa3 | negative | 1 Jun 2020 | rating downgrade |
| Fitch Ratings | BBB- | negative | 18 Jun 2020 | outlook downgrade |
| DBRS | BBB | negative | 22 May 2020 | outlook downgrade |
India Credit Ratings: Long-term Rating Scales Comparison
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| Description | S&P | Moody's | Fitch | DBRS | Grade |
|---|---|---|---|---|---|
| Prime | AAA | Aaa | AAA | AAA | Investment |
| 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 | BB+ | Ba1 | BB+ | BB(high) | Speculative |
| 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 | Ca | C | C | ||
| In Default | RD | C | RD | RD | |
| SD | / | SD | SD | ||
| D | / | D | D | ||
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 |
|---|---|---|---|---|
| 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 |