India: Sovereign credit ratings

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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. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Fitch BBB- Stable 1/2024
Moody's Baa3 Stable 8/2023
Fitch BBB- Stable 5/2023
Fitch BBB- Stable 12/2022
Fitch BBB- Stable 6/2022
Fitch BBB- Negative 11/2021
Moody's Baa3 Stable 10/2021
Fitch BBB- Negative 4/2021
Moody's Baa3 Negative 6/2020
Fitch BBB- Negative 6/2020
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

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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. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main 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, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope 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 ratings 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 four 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 can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a 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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