India Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Baa3 Stable | BBB Stable | BBB- Stable | BBB Stable | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Aug 14, 2025 | S&P | BBB- | Positive | BBB | Stable | |
| May 08, 2025 | DBRS | BBB (low) | Positive | BBB | Stable | |
| May 29, 2024 | S&P | BBB- | Stable | BBB- | Positive | |
| May 14, 2024 | DBRS | BBB (low) | Stable | BBB (low) | Positive | |
| Jun 10, 2022 | Fitch | BBB- | Negative | BBB- | Stable | |
| Oct 05, 2021 | Moody's | Baa3 | Negative | Baa3 | Stable | |
| May 19, 2021 | DBRS | BBB | Negative | BBB (low) | Stable | |
| Jun 18, 2020 | Fitch | BBB- | Stable | BBB- | Negative | |
| Jun 01, 2020 | Moody's | Baa2 | Negative | Baa3 | Negative | |
| May 21, 2020 | DBRS | BBB | Stable | BBB | Negative | |
| Nov 07, 2019 | Moody's | Baa2 | Stable | Baa2 | Negative | |
| Nov 16, 2017 | Moody's | Baa3 | Positive | Baa2 | Stable | |
| Nov 05, 2015 | DBRS | BBB (low) | Positive | BBB | Stable | |
| Apr 09, 2015 | Moody's | Baa3 | Stable | Baa3 | Positive | |
| Nov 05, 2014 | DBRS | BBB(low) | Stable | BBB (low) | Positive | |
| Sep 26, 2014 | S&P | BBB- | Negative | BBB- | Stable | |
| Sep 30, 2013 | DBRS | BBB (low) | Stable | BBB(low) | Stable | |
| Jun 12, 2013 | Fitch | BBB- | Negative | BBB- | Stable | |
| Jun 18, 2012 | Fitch | BBB- | Stable | BBB- | Negative | |
| Apr 25, 2012 | S&P | BBB- | Stable | BBB- | Negative |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is India’s current credit rating?
India’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view India’s credit risk.
Has India’s credit rating changed recently?
This page lists the latest rating and outlook actions for India, showing when each agency last reviewed or changed its assessment.
Why does India’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence India's bond yields, currency, and equity flows as investors reassess risk.
How does India’s rating compare to other countries?
You can explore how India ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
Advertisement