India Credit Rating trends, research and data
This page includes the government debt credit rating and outlook of India as reported by the credit rating agencies of S&P, Moody’s and Fitch. Credit rating agencies are often slow to respond to rising risk conditions. Sign up free to monitor India’s sovereign risk using MacroVar Advanced Financial & Macroeconomic data analytics.
| Date | Rating | Outlook | Indicator |
|---|---|---|---|
| 05-10-21 | Baa3 (Stable) | Baa3 | India Credit Rating (Moody's) |
| 01-06-20 | Baa3 (Negative) | Baa3 | India Credit Rating (Moody's) |
| 20-12-19 | BBB- | BBB- | India Credit Rating (Fitch) |
| 07-11-19 | Baa2 (Negative) | Baa2 | India Credit Rating (Moody's) |
| 04-04-19 | BBB- | BBB- | India Credit Rating (Fitch) |
| 15-11-18 | BBB- | BBB- | India Credit Rating (Fitch) |
| 27-04-18 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 16-11-17 | Baa2 (Stable) | Baa2 | India Credit Rating (Moody's) |
| 02-05-17 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 16-11-16 | Baa3 (Positive) | Baa3 | India Credit Rating (Moody's) |
| 22-07-16 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 07-12-15 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 09-04-15 | Baa3 (Positive) | Baa3 | India Credit Rating (Moody's) |
| 09-04-15 | BBB- | BBB- | India Credit Rating (Fitch) |
| 26-09-14 | (Stable) | India Credit Rating (S&P) | |
| 05-08-14 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 27-06-14 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 10-06-14 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 22-05-14 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 15-05-14 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 29-04-14 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 11-04-14 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 04-03-14 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 16-01-14 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
| 30-12-13 | BBB- (Stable) | BBB- | India Credit Rating (Fitch) |
India Credit Rating Analysis
The credit rating signal from each credit rating agency for the sovereign debt of India and it’s meaning is presented in the table below.
| S&P | Moody’s | Fitch | Analysis |
| AAA | Aaa | AAA | Prime |
| AA+ | Aa1 | AA+ | High grade |
| AA | Aa2 | AA | |
| AA- | Aa3 | AA- | |
| A+ | A1 | A+ | Upper medium grade |
| A | A2 | A | |
| A- | A3 | A- | |
| BBB+ | Baa1 | BBB+ | Lower medium grade |
| BBB | Baa2 | BBB | |
| BBB- | Baa3 | BBB- | |
| BB+ | Ba1 | BB+ | Non-investment grade speculative |
| BB | Ba2 | BB | |
| BB- | Ba3 | BB- | |
| B+ | B1 | B+ | Highly speculative |
| B | B2 | B | |
| B- | B3 | B- | |
| CCC+ | Caa1 | CCC | Extremely speculative |
| CCC | Caa2 | ||
| CCC- | Caa3 | In Default with small probability of recovery | |
| CC | Ca | ||
| C | C | ||
| D | / | DDD | In default |