S&P upgrades ratings of 10 Indian financial institutions following sovereign action

S&P Global Ratings upgraded long-term issuer credit ratings of seven Indian banks and three finance companies after raising Indias sovereign rating to ‘BBB/Stable/A-2, the first upgrade in 18 years. The agency cited strong growth momentum, better inflation management, and structural reforms like the Insolvency and Bankruptcy Code, which improved recovery and credit culture, reducing systemic risk for financial institutions.