ICRA Ratings: Rating Actions and Rated Bonds
ICRA is a SEBI-registered credit rating agency. On 9 Nov 2026 we hold current ICRA ratings on 741 active bonds from 207 issuers; 247 of them are rated AAA. The latest ICRA upgrade, downgrade, watch or withdrawal on file: PNB Housing Finance Limited, upgrade on 25 Aug 2026. Every action links to its source; ICRA's own website carries the full rationale.
ICRA ratings by grade
| Grade | Active bonds rated by ICRA | All agencies |
|---|---|---|
| AAA | 247 | All AAA rated bonds |
| AA+ to AA- | 270 | All AA rated bonds |
| A+ to A- | 135 | All A rated bonds |
| BBB+ to BBB- | 70 | All BBB rated bonds |
| Below BBB- (incl. D) | 17 | All below-BBB rated bonds |
| Short-term or other scale | 2 | — |
The long-term scale (AAA to D) is the same at every SEBI-registered agency; each writes it with its own prefix, so ICRA's top grade appears as “[ICRA]AAA”. Counts use the rating ICRA gave each bond, from exchange listings and agency releases; the newest is dated 5 Nov 2026. A bond rated by two agencies is counted on both pages.
ICRA rating actions
| Action | November 2026 | Last 90 days |
|---|---|---|
| Upgrade | 0 | 1 |
| Reaffirmed | 1 | 16 |
These are the ICRA actions that listed companies filed with NSE under SEBI's listing rules (Regulation 52), 17 since 19 Aug 2026. Companies that do not file with NSE are not covered, so ICRA publishes many more actions than this; see ICRA's website for all of them.
Latest upgrades, downgrades, watches and withdrawals
| Date | Company | Action | Rating |
|---|---|---|---|
| 25 Aug 2026 | PNB Housing Finance Limited | Upgrade | AA+ to AAA |
Latest reaffirmations and new ratings
| Date | Company | Action | Rating | Source |
|---|---|---|---|---|
| 5 Nov 2026 | Pnb Metlife India Insurance Company Limited | Reaffirmed | AA+ / Stable | NSE filing ↗ |
| 24 Oct 2026 | Royal Sundaram General Insurance Co. Limited | Reaffirmed | AA+ / Stable | NSE filing ↗ |
| 21 Oct 2026 | Reliance Industries Limited | Reaffirmed | AAA / Stable | NSE filing ↗ |
| 14 Oct 2026 | Godrej Industries Limited | Reaffirmed | AA+ / Stable | NSE filing ↗ |
| 8 Oct 2026 | Aditya Birla Capital Limited | Reaffirmed | AA+ / Stable | NSE filing ↗ |
| 8 Oct 2026 | Aditya Birla Capital Limited | Reaffirmed | AAA / Stable | NSE filing ↗ |
| 7 Oct 2026 | ADITYA BIRLA HOUSING FINANCE LIMITED | Reaffirmed | AAA / Stable | NSE filing ↗ |
| 30 Sep 2026 | ICICI Prudential Life Insurance Company Limited | Reaffirmed | AAA / Stable | NSE filing ↗ |
| 25 Sep 2026 | PNB Housing Finance Limited | Reaffirmed | AAA / Stable | NSE filing ↗ |
| 14 Sep 2026 | IFCI Limited | Reaffirmed | B+ | NSE filing ↗ |
Every month's upgrades, downgrades, watches and withdrawals across agencies: rating actions by month.
Issuers with the most ICRA-rated bonds
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.