India Credit Rating

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 - 5 Oct 2021 outlook upgrade
Fitch Ratings BBB- - 10 Jun 2022 outlook upgrade
DBRS BBB (low) positive 15 May 2024 outlook upgrade

India: Long-term Rating Scales Comparison

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
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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