CARE Ratings: Rating Actions and Rated Bonds
CARE Ratings is a SEBI-registered credit rating agency. On 9 Nov 2026 we hold current CARE ratings on 1,400 active bonds from 208 issuers; 783 of them are rated AAA. The latest CARE upgrade, downgrade, watch or withdrawal on file: Union Bank of India, withdrawal on 7 Oct 2026. Every action links to its source; CARE's own website carries the full rationale.
CARE ratings by grade
| Grade | Active bonds rated by CARE | All agencies |
|---|---|---|
| AAA | 783 | All AAA rated bonds |
| AA+ to AA- | 354 | All AA rated bonds |
| A+ to A- | 144 | All A rated bonds |
| BBB+ to BBB- | 72 | All BBB rated bonds |
| Below BBB- (incl. D) | 46 | All below-BBB rated bonds |
| Short-term or other scale | 1 | — |
The long-term scale (AAA to D) is the same at every SEBI-registered agency; each writes it with its own prefix, so CARE's top grade appears as “CARE AAA”. Counts use the rating CARE gave each bond, from exchange listings and agency releases; the newest is dated 3 Nov 2026. A bond rated by two agencies is counted on both pages.
CARE rating actions
| Action | November 2026 | Last 90 days |
|---|---|---|
| Withdrawal | 0 | 3 |
| Reaffirmed | 0 | 25 |
| New rating | 0 | 5 |
These are the CARE actions that listed companies filed with NSE under SEBI's listing rules (Regulation 52), 33 since 21 Aug 2026. Companies that do not file with NSE are not covered, so CARE publishes many more actions than this; see CARE's website for all of them.
Latest upgrades, downgrades, watches and withdrawals
| Date | Company | Action | Rating |
|---|---|---|---|
| 7 Oct 2026 | Union Bank of India | Withdrawal | AAA |
| 30 Sep 2026 | IDFC First Bank Limited | Withdrawal | AA+ |
| 28 Sep 2026 | Poonawalla Fincorp Limited | Withdrawal | AAA |
Latest reaffirmations and new ratings
| Date | Company | Action | Rating | Source |
|---|---|---|---|---|
| 28 Oct 2026 | Jio Credit Limited | New rating | AAA / Stable | NSE filing ↗ |
| 28 Oct 2026 | Alpha Alternatives Financial Services Private Limited | New rating | A- / Stable | NSE filing ↗ |
| 22 Oct 2026 | Jio Credit Limited | Reaffirmed | A1+ / Stable | NSE filing ↗ |
| 22 Oct 2026 | Jio Credit Limited | Reaffirmed | AAA / Stable | NSE filing ↗ |
| 22 Oct 2026 | Arman Financial Services Limited | Reaffirmed | A- / Stable | NSE filing ↗ |
| 15 Oct 2026 | Alpha Alternatives Financial Services Private Limited | New rating | A- / Stable | NSE filing ↗ |
| 13 Oct 2026 | Kanchanjunga Power Company Private Limited | Reaffirmed | A / Stable | NSE filing ↗ |
| 13 Oct 2026 | Veritas Finance Limited | Reaffirmed | AA / Stable | NSE filing ↗ |
| 9 Oct 2026 | Alpha Alternatives Financial Services Private Limited | New rating | A- / Stable | NSE filing ↗ |
| 9 Oct 2026 | Can Fin Homes Limited | Reaffirmed | AAA / Stable | NSE filing ↗ |
Every month's upgrades, downgrades, watches and withdrawals across agencies: rating actions by month.
Issuers with the most CARE-rated bonds
| Issuer | Bonds rated by CARE | Most common CARE grade |
|---|---|---|
| Power Finance Corporation Limited | 190 | AAA |
| Indian Railway Finance Corporation Limited | 158 | AAA |
| Power Grid Corporation of India Limited | 68 | AAA |
| L&T Finance Limited | 52 | AAA |
| HDB Financial Services Limited | 47 | AAA |
| India Infrastructure Finance Company Limited | 39 | AAA |
| Alpha Alternatives Financial Services Private Limited | 28 | A- |
| Nuvama Wealth Finance Limited | 28 | AA |
| Poonawalla Fincorp Limited | 27 | AAA |
| Hinduja Leyland Finance Limited | 26 | AA+ |
| NHPC Limited | 26 | AAA |
| SMFG India Credit Company Limited | 23 | AAA |
| ICICI Home Finance Company Limited | 18 | AAA |
| Indostar Capital Finance Limited | 17 | AA |
| Piramal Finance Limited | 17 | AA |
| SMFG India Home Finance Company Limited | 17 | AAA |
| MAS Financial Services Limited | 15 | AA- |
| Veritas Finance Limited | 15 | AA |
| A. K. Capital Finance Limited | 14 | AA- |
| Earlysalary Services Private Limited | 14 | A |
Rated bonds on file by agency
| Agency | Active bonds rated |
|---|---|
| CRISIL | 1,853 |
| CARE | 1,400 |
| ICRA | 741 |
| India Ratings | 520 |
| Acuité | 175 |
| Infomerics | 147 |
| Brickwork | 124 |
Risk warning: This page is for informational purposes only and does not constitute investment advice. Credit ratings are the published opinion of the respective SEBI-registered agency, not of RetailBonds.in, and can change. See our disclaimer.