Who got upgraded,
and who got cut.
Every credit rating action across India's traded corporate debt, refreshed daily and counted the way a credit desk counts them: by issuer, not by bond.
Upgrades
21 issuers
Downgrades
10 issuers
Moved to default
rated D
Bonds affected
individual ISINs
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Downgrades
Every downgrade in the window
The complete list, not a selection. Where two agencies moved the same issuer, each gets its own row, because they are two independent opinions and averaging them would hide the disagreement.
| Issuer | Rating move | Agency | Bonds | Rated |
|---|---|---|---|---|
BBB+BBB |  Acuité | 2 | 5 Sept | |
BBBBBB- |  ICRA | 2 | 4 Sept | |
BBBBBB- | ICRA | 2 | 4 Sept | |
BBB-BB+ |  CRISIL | 3 | 3 Sept | |
AA- |  India Ratings | 5 | 26 Aug | |
BBB+ 2 notches | CRISIL | 3 | 22 Aug | |
BBBC 12 notches |  Infomerics | 1 | 22 Aug | |
BBB+BBB | ICRA | 3 | 15 Aug | |
A-BBB+ | Acuité | 4 | 13 Aug | |
BBB-BB+ | India Ratings | 9 | 12 Aug |
Upgrades
Every upgrade in the window
Upgrades usually outnumber downgrades in a calm credit period, and most of them are a single notch. Watch the bond count: a one-notch move on a large programme touches far more paper than a dramatic cut on a single issue.
| Issuer | Rating move | Agency | Bonds | Rated |
|---|---|---|---|---|
BBB-BBB | India Ratings | 1 | 9 Sept | |
AA+ |  CARE Ratings | 2 | 4 Sept | |
A+AA- | CRISIL | 2 | 3 Sept | |
AA-AA | CRISIL | 1 | 3 Sept | |
AAAA+ | India Ratings | 4 | 2 Sept | |
AAAA+ | India Ratings | 4 | 1 Sept | |
A+AA- | ICRA | 1 | 29 Aug | |
AA+AAA |  Brickwork | 27 | 27 Aug | |
AA+AAA | Brickwork | 4 | 27 Aug | |
A+AA- | CARE Ratings | 2 | 27 Aug | |
AA+AAA | ICRA | 1 | 27 Aug | |
AAAA+ | Brickwork | 1 | 27 Aug | |
AAAA+ | CARE Ratings | 1 | 27 Aug | |
A-A | Acuité | 2 | 25 Aug | |
AA+ | CARE Ratings | 5 | 21 Aug | |
AAAA+ | Infomerics | 21 | 20 Aug | |
BBB-BBB | India Ratings | 7 | 19 Aug | |
AA-AA+ 2 notches | India Ratings | 4 | 18 Aug | |
BBB+A- | Brickwork | 1 | 18 Aug | |
BBB+A- | CARE Ratings | 3 | 15 Aug | |
B-B+ 2 notches | Acuité | 2 | 15 Aug | |
AA-AA | CARE Ratings | 1 | 15 Aug | |
AA-AA+ 2 notches | India Ratings | 1 | 15 Aug |
How we count
The instrument registry records a rating change against every bond an issuer has outstanding. One agency decision on a large programme therefore lands as dozens of rows, and counting rows would make a quiet month look roughly five times busier than it was.
So an action here is one issuer, one agency, one notch move. The Bonds column tells you how much paper that decision covered. We also compare each agency only against itself, so an issuer rated by three agencies never appears to move just because one of them is quoted before another.
Questions people ask
How many credit rating upgrades and downgrades happen in India each month?
Far fewer than the raw data suggests. Across India's traded corporate-debt universe the rating agencies take roughly 30 to 40 issuer-level actions in a typical month, running about two to three upgrades for every downgrade in a benign credit period. The number looks much larger if you count each bond separately, because a single agency decision on an issuer with a big outstanding programme touches every bond in it at once.
Why does one rating action show a count of 20 or 30 bonds?
Because that is how many individual securities the decision covered. An issuer with a large outstanding programme may have dozens of ISINs across different maturities, and when an agency moves the issuer's rating it moves on all of them the same day. We count the action once and show the bond count beside it, so you can see both how many decisions were taken and how much paper they touched.
Why do two agencies show different ratings for the same issuer?
Because a credit rating is an opinion, and agencies form them independently using their own methodologies. It is common for an issuer to carry different grades from different agencies, and it is not unusual for one agency to upgrade while another holds or cuts. This page keeps each agency's action as its own row rather than merging them, so a disagreement stays visible instead of being averaged away.
What does a rating of D mean for a bond?
D means default. The agency has judged that the issuer has failed to meet a payment obligation on time, or has otherwise defaulted on the terms of the instrument. It is the bottom of the long-term rating scale and it is the single most consequential action an agency takes, which is why defaults are listed separately on this page rather than being buried among ordinary downgrades.
Does a downgrade mean the bond is now cheaper to buy?
Not automatically. A downgrade signals the agency's view that credit risk has increased, and the price a bond trades at reflects that view plus liquidity, tenor and demand. Many downgraded issuers have bonds that barely trade at all, so a rating action and a market price move are not the same event. Look at where the bond actually clears before drawing a conclusion.
For treasurers, credit desks and family offices
Holding paper from an issuer on this page?
A rating action and a price move are not the same event. We will show you where the issuer's bonds are actually clearing, what the rest of its rating cohort is paying, and what the alternatives look like at the same tenor. The decision stays yours.