India: Sovereign credit ratings

(measure: Sovereign rating index and outlook, source: Standard & Poor's, Moody's, and Fitch)
* indicates monthly or quarterly data series

Sovereign credit ratings in India: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world.

Agency Rating Outlook Date
Fitch BBB- Stable 12/2019
Moody's Baa2 Negative 11/2019
Fitch BBB- Stable 4/2019
Fitch BBB- Stable 4/2018
Moody's Baa2 Stable 11/2017
Fitch BBB- Stable 5/2017
Moody's Baa3 Positive 11/2016
Fitch BBB- Stable 7/2016
Fitch BBB- Stable 12/2015
Moody's Baa3 Positive 4/2015
Standard & Poor's BBB- Stable 9/2014
Fitch BBB- Stable 8/2014
Fitch BBB- Stable 6/2014
Fitch BBB- Stable 5/2014
Fitch BBB- Stable 4/2014
Fitch BBB- Stable 3/2014
Fitch BBB- Stable 1/2014
Fitch BBB- Stable 12/2013
Fitch BBB- Stable 8/2013
Fitch BBB- Stable 6/2013
Fitch BBB- Negative 10/2012
Fitch BBB- Negative 7/2012
Standard & Poor's BBB- Negative 4/2012
Moody's Baa3 Stable 12/2011
Fitch BBB- Stable 12/2011
Fitch BBB- Stable 6/2011
Fitch BBB- Stable 6/2010
Standard & Poor's BBB- Stable 3/2010
Moody's Baa3 Stable 12/2009
Standard & Poor's BBB- Negative 2/2009
Fitch BBB- Stable 7/2008
Standard & Poor's BBB- Stable 1/2007
Fitch BBB- Stable 8/2006
Moody's Baa3 Stable 5/2006
Standard & Poor's BB+ Positive 4/2006
Standard & Poor's BB+ Stable 11/2005
Standard & Poor's BB+ Stable 11/2005
Standard & Poor's BB+ Stable 2/2005
Standard & Poor's BB Positive 8/2004
Moody's Baa3 Stable 1/2004
Fitch BB+ Stable 1/2004
Standard & Poor's BB Stable 12/2003
Moody's Ba1 Under Review 11/2003
Standard & Poor's BB Negative 9/2002
Fitch BB Stable 11/2001
Standard & Poor's BB Negative 8/2001
Fitch BB+ Negative 5/2001
Standard & Poor's BB Stable 10/2000
Fitch BB+ Stable 9/2000
Standard & Poor's BB Positive 3/2000
Standard & Poor's BB Stable 10/1998
Standard & Poor's BB+ Negative 5/1998
Standard & Poor's BB+ Stable 10/1997
Standard & Poor's BB+ Positive 10/1996
Standard & Poor's BB+ Stable 9/1991
Standard & Poor's BBB- Negative watch 3/1991
Standard & Poor's BBB Stable 9/1990

Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating.

For all three credit rating agencies the ratings are divided into two large groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P and Fitch investment grade issues/issuers are those from BBB and above, while those from BB and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers from Baa3 and above, while ratings from Ba1 and bellow fall to the category of speculative grade.

All three agencies include modifiers into to their generic alphabet-based ratings for particular ranges. S&P and Fitch ratings are modified with “+” or “-“ from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major rating categories.

Rating outlooks indicate the direction the rating is likely to move over a one to two year period. In determining an outlook consideration is given to any changes in fundamental business conditions. Credit watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the three agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the outlook/watch is denoted as Developing.

Credit watches do not include Stable watch because they are only event-driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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