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Bond Market News
S&P Upgrades Indian Corporates and Banks Following Sovereign Upgrade
August 18, 2025
Following S&P’s upgrade of India’s sovereign rating to BBB from BBB-, several major Indian corporates and financial institutions have also seen rating upgrades. In the corporate sector, Indian Railway Finance Corp (IRFC), Oil and Natural Gas Corp. (ONGC), Power Grid Corp., NTPC, and Tata Power have all been upgraded to BBB from BBB-, reflecting their strategic government links and alignment with the new sovereign rating.
Within the financial sector, S&P raised the ratings of HDFC Bank, ICICI Bank, State Bank of India, Axis Bank, Kotak Mahindra Bank, Union Bank of India, EXIM India and Indian Bank to BBB from BBB-. Finance companies Bajaj Finance, Tata Capital, and L&T Finance were also upgraded to BBB. The upgrades across both sectors are supported by sound economic fundamentals, robust capitalization, improving asset quality, and reduced systemic credit risk following the sovereign upgrade.
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