India Ratings: Rating Actions and Rated Bonds
India Ratings and Research is a SEBI-registered credit rating agency. On 9 Nov 2026 we hold current India Ratings ratings on 520 active bonds from 146 issuers; 182 of them are rated AAA. The latest India Ratings upgrade, downgrade, watch or withdrawal on file: Indian Overseas Bank, upgrade on 5 Oct 2026. Every action links to its source; India Ratings' own website carries the full rationale.
India Ratings ratings by grade
| Grade | Active bonds rated by India Ratings | All agencies |
|---|---|---|
| AAA | 182 | All AAA rated bonds |
| AA+ to AA- | 168 | All AA rated bonds |
| A+ to A- | 97 | All A rated bonds |
| BBB+ to BBB- | 68 | All BBB rated bonds |
| Below BBB- (incl. D) | 5 | All below-BBB rated bonds |
The long-term scale (AAA to D) is the same at every SEBI-registered agency; each writes it with its own prefix, so India Ratings' top grade appears as “IND AAA”. Counts use the rating India Ratings gave each bond, from exchange listings and agency releases; the newest is dated 9 Oct 2026. A bond rated by two agencies is counted on both pages.
India Ratings rating actions
| Action | November 2026 | Last 90 days |
|---|---|---|
| Upgrade | 0 | 3 |
| Reaffirmed | 0 | 14 |
These are the India Ratings actions that listed companies filed with NSE under SEBI's listing rules (Regulation 52), 17 since 20 Aug 2026. Companies that do not file with NSE are not covered, so India Ratings publishes many more actions than this; see India Ratings' website for all of them.
Latest upgrades, downgrades, watches and withdrawals
| Date | Company | Action | Rating |
|---|---|---|---|
| 5 Oct 2026 | Indian Overseas Bank | Upgrade | AA to AA+ |
| 15 Sep 2026 | Motilal Oswal Finvest | Upgrade | AA to AA+ |
| 15 Sep 2026 | Motilal Oswal Financial Services Limited | Upgrade | AA to AA+ |
Latest reaffirmations and new ratings
| Date | Company | Action | Rating | Source |
|---|---|---|---|---|
| 9 Oct 2026 | UCO Bank | Reaffirmed | AA / Stable | NSE filing ↗ |
| 6 Oct 2026 | Punjab & Sind Bank | Reaffirmed | AA / Stable | NSE filing ↗ |
| 30 Sep 2026 | IDFC First Bank Limited | Reaffirmed | AA+ / Stable | NSE filing ↗ |
| 29 Sep 2026 | NDR INVIT Trust | Reaffirmed | AAA / Stable | NSE filing ↗ |
| 28 Sep 2026 | Star Health And Allied Insurance Company Limited | Reaffirmed | AA / Stable | NSE filing ↗ |
| 28 Sep 2026 | Aditya Birla Capital Limited | Reaffirmed | AA+ / Stable | NSE filing ↗ |
| 28 Sep 2026 | Aditya Birla Capital Limited | Reaffirmed | AAA / Stable | NSE filing ↗ |
| 23 Sep 2026 | ADITYA BIRLA HOUSING FINANCE LIMITED | Reaffirmed | AAA / Stable | NSE filing ↗ |
| 21 Sep 2026 | The Federal Bank Limited | Reaffirmed | AA+ / Stable | NSE filing ↗ |
| 4 Sep 2026 | Canara Bank | Reaffirmed | AA+ / Stable | NSE filing ↗ |
Every month's upgrades, downgrades, watches and withdrawals across agencies: rating actions by month.
Issuers with the most India Ratings-rated bonds
| Issuer | Bonds rated by India Ratings | Most common India Ratings grade |
|---|---|---|
| Kerala Infrastructure Investment Fund Board | 40 | AA |
| Aditya Birla Capital Limited | 36 | AAA |
| NHPC Limited | 35 | AAA |
| Keertana Finserv Limited | 21 | BBB+ |
| Aditya Birla Housing Finance Limited | 17 | AAA |
| Aye Finance Limited | 16 | A |
| Kosamattam Finance Limited | 14 | A |
| UGRO Capital Limited | 13 | A+ |
| Canara Bank | 11 | AA+ |
| India Infrastructure Finance Company Limited | 11 | AAA |
| PNB Housing Finance Limited | 11 | AAA |
| Greaves Finance Limited | 8 | A- |
| REC Limited | 8 | AAA |
| Monedo Financial Services Private Limited | 7 | BBB- |
| Navi Finserv Limited | 7 | A |
| SK Finance Limited | 7 | AA- |
| Andhra Pradesh State Beverages Corporation Limited | 6 | AA+ |
| Cholamandalam Investment and Finance Company Limited | 6 | AA+ |
| Motilal Oswal Financial Services Limited | 6 | AA+ |
| Dishman Carbogen Amcis Limited | 5 | A |
Rated bonds on file by agency
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.