India | Credit Rating

Standard & Poor's credit rating for India stands at BBB- with stable outlook. Moody's credit rating for India was last set at Baa3 with positive outlook. Fitch's credit rating for India was last reported at BBB- with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of India thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for India as reported by major credit rating agencies.



AgencyRatingOutlookDate
TE48 Positive Apr 16 2016
Moody'sBaa3 Positive Apr 09 2015
S&PBBB- Stable Sep 26 2014
DBRSBBB(low) Stable Sep 30 2013
FitchBBB- Stable Jun 12 2013
FitchBBB- Negative Jun 18 2012
S&PBBB- Negative Apr 25 2012
S&PBBB- Stable Mar 18 2010
S&PBBB- Negative Feb 24 2009
S&PBBB- Stable Jan 30 2007
FitchBBB- Stable Aug 01 2006
S&PBB+ Positive Apr 19 2006
S&PBB+ Stable Feb 02 2005
S&PBB Positive Aug 23 2004
Moody'sBaa3 Stable Jan 22 2004
FitchBB+ Stable Jan 21 2004
S&PBB Stable Dec 16 2003
Moody'sBa1 Positive Watch Oct 16 2003
Moody'sBa1 Stable Feb 03 2003
Moody'sBa2 Positive Watch Nov 14 2002
FitchBB Stable Nov 22 2001
Moody'sBa2 Stable Aug 08 2001
S&PBB Negative Aug 07 2001
FitchBB+ Negative May 31 2001
S&PBB Stable Oct 10 2000
FitchBB+ Stable Sep 21 2000
S&PBB Positive Mar 20 2000
FitchBB+ N/A Mar 08 2000
Moody'sBa2 Positive Oct 06 1999
S&PBB Stable Oct 22 1998
Moody'sBa2 Stable Jun 19 1998
S&PBB+ Negative May 22 1998
Moody'sBaa3 Negative Watch Jan 08 1998
S&PBB+ Stable Oct 06 1997
S&PBB+ Positive Oct 01 1996
Moody'sBaa3 Stable Dec 01 1994
Moody'sBa2 Positive Watch Sep 14 1994
S&PBB+ Stable Sep 29 1991
Moody'sBa2 Stable Jun 24 1991
S&PBB+ N/A May 29 1991
Moody'sBaa3 Stable Mar 26 1991
S&PBBB- Negative Watch Mar 07 1991
Moody'sBaa1 Stable Oct 04 1990
S&PBBB Stable Sep 13 1990
Moody'sA2 Stable Jan 28 1988

 S&P Moody's Fitch TERating
B+ Stable B1 Stable   35
BBB- Stable   BBB Positive 65
B Negative B1 Negative B Negative 41
B Stable B3 Positive B Stable 15
  B1 Stable B+ Stable 43
BBB+ Positive   BBB- Stable 63
AAA Negative Aaa Stable AAA Stable 97
AA+ Stable Aa1 Negative AA+ Stable 96
BB+ Negative Ba1 Negative Watch BB+ Negative 55
BB+ Stable Baa3 Stable   65
BB- Negative Ba2 Negative BB+ Negative 60
BB- Stable Ba3 Stable BB- Stable 40
CCC+ Negative Caa3 Stable   53
B- Stable Caa1 Stable B- Stable 25
AA Stable Aa3 Stable AA- Stable 88
B- Stable B3 Stable   25
N/A N/A   N/A N/A 30
A+ Stable A2 Stable N/A N/A 91
BB Negative Ba3 Negative BB- Stable 38
B Stable B3 Stable   28
A- Negative A2 Stable   73
BB Negative Watch Ba2 Negative BB Negative 34
BB+ Positive Baa2 Stable BBB- Positive 53
B Stable     30
N/A N/A B2 Stable   30
B Stable B2 Stable B Stable 30
AAA Stable Aaa Stable AAA Stable 99
B Stable   B Stable 35
  Aa3 Stable   85
AA- Negative Aa3 Stable A+ Negative 78
AA- Negative A1 Stable A+ Stable 80
BBB Negative Baa2 Stable BBB Stable 52
B- Negative B3 Stable   25
BB- Negative Ba2 Negative BB Stable 50
BB Stable Ba2 Stable BB Stable 45
  Caa2 Positive   20
BB+ Stable B1 Positive BB- Positive 36
AA- Stable A1 Stable A+ Stable 81
AAA Stable Aaa Stable AAA Stable 100
BB- Stable B1 Positive BB- Stable 36
B Stable B3 Stable B Negative 29
B- Stable B3 Stable B Stable 28
CC Negative Caa1 Stable CCC N/A 41
AA- Stable A1 Stable A+ Stable 81
B Stable B1 Stable B Stable 31
AA Stable     99
B+ Stable B1 Positive   33
AA+ Stable Aa1 Stable AA+ Stable 96
AA Stable Aa2 Stable AA Stable 90
B Stable B1 Negative B+ Negative 40
BB- Stable Ba3 Stable BB- Stable 38
AAA Stable Aaa Stable AAA Stable 100
B- Stable B3 Stable B Stable 31
B- Stable Caa2 Positive CCC N/A 10
SD Negative    
BB Negative Ba1 Stable BB Stable 49
B+ Positive B2 Positive   33
AAA Negative Aa2 Stable AA+ Stable 95
BBB- Stable Baa3 Stable BBB- Stable 47
A Stable A3 Stable BBB+ Positive 55
BBB- Stable Baa3 Positive BBB- Stable 48
BBB- Stable Baa3 Positive BBB- Positive 46
B- Stable   B- Stable 25
A+ Stable A3 Positive A Stable 70
N/A N/A Aa1 Negative   98
A+ Stable A1 Stable A+ Stable 76
BBB- Stable Baa2 Negative BBB Stable 60
  Ba3 Stable B+ Stable 38
B Stable B3 Stable B Stable 24
A+ Stable A1 Stable A Stable 78
BB- Negative B1 Stable   45
BBB- Negative Baa3 Negative BBB Stable 61
B+ Stable B1 Stable B+ Negative 20
AA Stable Aa2 Stable AA Stable 90
NR N/A B2 Stable   30
A- Stable A3 Stable A- Stable 69
B- Stable B2 Negative B- Stable 31
    B+ Stable 40
AAA Stable     100
A- Stable A3 Stable A- Stable 69
AAA Stable Aaa Stable AAA Stable 100
  Aa3 Stable AA- Stable 88
BB- Stable   BB Negative 48
A- Stable A3 Stable A- Stable 66
  B2 Stable B+ Stable
A- Stable A3 Stable A Positive 74
  Baa1 Stable   65
BBB+ Negative A3 Negative BBB+ Stable 60
  B3 Stable   25
B- Stable Caa1 Stable B- Stable 36
B+ Negative B1 Negative   40
BBB- Stable     55
BBB- Stable Ba1 Positive BBB- Stable 54
SD N/A Caa3 Negative CC N/A 30
  Baa3 Negative BBB- Negative 55
AAA Stable Aaa Stable AAA Stable 100
AA Stable Aaa Stable AA Stable 90
B+ Stable B2 Stable B+ Stable 33
B Stable B1 Stable B+ Negative 28
AAA Stable Aaa Stable AAA Stable 99
BB+ Negative Baa1 Stable BBB Negative 78
B Stable B3 Stable B Stable 19
BBB Stable Baa2 Stable BBB Stable 60
B+ Negative B2 Stable   35
BB Stable Ba1 Stable BB Stable 41
BBB+ Positive A3 Stable BBB+ Stable 60
BBB Stable Baa2 Stable BBB- Positive 53
BBB+ Stable A2 Stable A- Stable 67
BB+ Stable Ba1 Stable BB+ Positive 44
D Negative     0
AA- Negative Watch Aa3 Stable AA Negative Watch 87
B- Stable B3 Negative CCC N/A 30
BBB- Stable Baa3 Stable BBB- Stable 52
BB+ Positive Ba1 Stable BBB- Stable 43
B Stable B2 Stable B+ Stable 30
    BBB- Stable 65
A- Stable A1 Stable A+ Stable 86
B+ Stable Ba3 Stable   35
BB- Positive Ba3 Stable BB- Stable 36
    BB- Stable 30
AAA Stable Aaa Stable AAA Stable 98
A+ Stable A2 Positive A+ Stable 80
A+ Stable Baa3 Positive A- Stable 61
  B3 Stable   25
BB+ Negative Baa3 Negative BB+ Stable 49
AA Stable Aa2 Stable AA- Stable 84
BBB+ Positive Baa2 Stable BBB+ Stable 62
B+ Negative B1 Negative B+ Stable 38
  B3 Stable   25
B Negative B1 Stable B- Negative 39
AAA Stable Aaa Stable AAA Stable 99
AAA Stable Aaa Stable AAA Stable 100
AA- Stable Aa3 Stable AA- Stable 82
BBB+ Stable Baa1 Stable BBB+ Stable 63
BBB+ Stable Ba1 Stable   68
BB- Negative Ba3 Negative B+ Stable 44
BB Negative Ba1 Negative BB+ Stable 44
B Stable B2 Stable B+ Stable 33
B- Stable Caa3 Stable B- Stable 15
AA Stable Aa2 Stable AA Stable 90
AA Negative Aa1 Negative AA Negative 95
AA+ Stable Aaa Stable AAA Stable 97
BBB Stable Baa2 Negative BBB- Stable 56
CCC Negative Caa3 Negative CCC N/A 5
BB- Stable B1 Positive BB- Positive 29
B Negative B3 Negative B Negative 34


Ratings

The Trading Economics credit rating (TE Rating) scores the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com

TE S&P Moody's Fitch  
100 AAA Aaa AAA Prime
95 AA+ Aa1 AA+ High grade
90 AA Aa2 AA
85 AA- Aa3 AA-
80 A+ A1 A+ Upper medium grade
75 A A2 A
70 A- A3 A-
65 BBB+ Baa1 BBB+ Lower medium grade
60 BBB Baa2 BBB
55 BBB- Baa3 BBB-
50 BB+ Ba1 BB+ Non-investment grade
speculative
45 BB Ba2 BB
40 BB- Ba3 BB-
35 B+ B1 B+ Highly speculative
30 B B2 B
25 B- B3 B-
20 CCC+ Caa1 CCC Substantial risks
15 CCC Caa2 Extremely speculative
10 CCC- Caa3 In default with little
prospect for recovery
  CC Ca
5 C C
0 D / DDD In default
/ DD
D