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Credit-rating transitions NSE rating-disclosure register · as of 2026-10-02 · broadcast-date anchored · descriptive, not advice

The headline counts company-level actions, never raw rows — one issuer's multi-ISIN debt re-rated across programs collapses to ONE action per direction per day (the E-02 study measured raw rows at ~6× pseudo-replication). Reaffirmations dominate the raw feed and live in the tape, not the headline. Source: NSE's centralised rating-disclosure database (LODR-mandated agency actions) — every row links (⇗) to the disclosure document on the NSE archive; nothing is scraped from a third-party site. The pre-registered E-02 drift study is ARMED and self-gating — no return edge is claimed, in either direction. glossary →
Bottom lineWhich companies just had their credit rating upgraded or downgraded by the agencies (deduped to one action per issuer per day). A downgrade cluster is a balance-sheet warning worth a look — descriptive, not advice.
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10
Upgrades · 90d
company-level, deduped
2
Downgrades · 90d
incl. fresh defaults
0
Fell below IG
crossed under BBB− (fallen angels)
0
Watch placements · 90d
raw watch rows (not deduped)
68→12
Dedup census
7 unmapped debt-only rows excluded
Transitions — deduped company-level actions, 90 days, newest first
BroadcastSymbolMoveRatingAgencyOutlookActionFiling
2026-09-15MOTILALOFS▲1AA → AA+India Ratings and Research Private LimitedStableUPGRADE⇗
2026-09-04AARTISURF▲1BBB+ → A-CRISIL Ratings LimitedStableUPGRADE⇗
2026-09-01PHOENIXLTD▲1AA → AA+India Ratings and Research Private LimitedStableUPGRADE⇗
2026-08-26SAMMAANCAP▲1AA+ → AAABrickwork Ratings India Private LimitedStableUPGRADE⇗
2026-08-25PNBHOUSING▲1AA+ → AAAICRA LimitedStableUPGRADE⇗
2026-08-20AFCONS▼AA- → AA-CRISIL Ratings LimitedNegativeDOWNGRADE⇗
2026-08-13NAVINFLUOR▲1AA → AA+CARE Ratings LimitedStableUPGRADE⇗
2026-08-04CENTRALBK▲1AA → AA+CRISIL Ratings LimitedStableUPGRADE⇗
2026-07-31IOB▲1AA → AA+CARE Ratings LimitedStableUPGRADE⇗
2026-07-30GABRIEL▲— → AA+CRISIL Ratings LimitedStableUPGRADE⇗
2026-07-23MOTILALOFS▲1AA → AA+CRISIL Ratings LimitedStableUPGRADE⇗
2026-07-18NEOGEN▼1A → A-CRISIL Ratings LimitedNegativeDOWNGRADE⇗
The tape — every disclosure row (window 365d)
AllUpgradesDowngradesDefaultsWatchNewReaffirmationsWithdrawn90d180d365d
BroadcastIssuerAgencyActionRating (as filed)OutlookFiling
2026-09-29BLUESTONEIndia Ratings and Research Private LimitednewIND A-/Stable/IND A2+Stable⇗
2026-09-28POONAWALLACARE Ratings LimitednewCARE AAA; StableStable⇗
2026-09-28POONAWALLACARE Ratings LimitednewCARE AAA; StableStable⇗
2026-09-28POONAWALLACARE Ratings LimitednewCARE AAA; StableStable⇗
2026-09-09POONAWALLACRISIL Ratings LimitednewCrisil AAA/StableStable⇗
2026-09-09POONAWALLACRISIL Ratings LimitednewCrisil AAA/StableStable⇗
2026-09-09POONAWALLACRISIL Ratings LimitednewCrisil AAA/StableStable⇗
2026-09-09POONAWALLACRISIL Ratings LimitednewCrisil AAA/StableStable⇗
2026-09-09POONAWALLACRISIL Ratings LimitednewCrisil AAA/StableStable⇗
2026-09-05TVSHLTDCARE Ratings LimitednewCARE AA+Stable⇗
2026-09-04LTCRISIL Ratings LimitednewAAAStable⇗
2026-09-02LTIndia Ratings and Research Private LimitednewINDAAAStable⇗
2026-09-02GODREJPROPICRA LimitednewICRA A1+Na⇗
2026-09-02GODREJPROPICRA LimitednewICRA A1+Na⇗
2026-09-02GODREJPROPICRA LimitednewICRA AA+Stable⇗
2026-09-02GODREJPROPICRA LimitednewICRA AA+Stable⇗
2026-09-02GODREJPROPICRA LimitednewICRA A1+Na⇗
2026-09-01GANDHARCRISIL Ratings LimitednewCrisil A+Stable ��� For Bank Loan Facilities Of ��300 Crore ��� Long-Term Rating⇗
2026-09-01GANDHARCRISIL Ratings LimitednewCrisil A1For Bank Loan Facilities Of ��300 Crore - Short Term Rating⇗
2026-08-275PAISACRISIL Ratings LimitednewCrisil A+Stable⇗
2026-08-27EDELWEISSBrickwork Ratings India Private LimitednewA+Positive⇗
2026-08-26GODREJPROPIndia Ratings and Research Private LimitednewIND A1+Na⇗
2026-08-22Vertis Infrastructure TrustCRISIL Ratings LimitednewAAAStable⇗
2026-08-22Vertis Infrastructure TrustCRISIL Ratings LimitednewAAAStable⇗
2026-08-21DHANBANKICRA LimitednewFixed Deposit -BBB-Stable⇗
2026-08-21DHANBANKICRA LimitednewCertificates of Deposit -A3—⇗
2026-08-18NAVINFLUORCRISIL Ratings LimitednewCrisil ESG 62—⇗
2026-08-18NAVINFLUORCRISIL Ratings LimitednewCrisil Core ESG 66—⇗
2026-08-18NAVINFLUORCRISIL Ratings LimitednewCrisil ESG 62—⇗
2026-08-18NAVINFLUORCRISIL Ratings LimitednewCrisil Core ESG 66—⇗
2026-08-14Dar Credit & Capital LimitedCARE Ratings LimitednewBBB-Stable⇗
2026-08-14Vision Infra Equipment SolutInfomerics Valuation and Ratings Private LimitednewIVR BBB+tStable⇗
2026-08-07BLUESTONEIndia Ratings and Research Private LimitednewIND A-/StableStable⇗
2026-08-06UGROCAPAcuite Ratings & Research LimitednewACUITE A1 +Na⇗
2026-07-30Alpha Alternatives FinancialCARE Ratings LimitednewCARE A- PP MLD StableStable⇗
2026-07-25BPCLCARE Ratings LimitednewCARE A1+Na⇗
2026-07-21TVSMOTORCARE Ratings LimitednewCARE AAA;Non-Convertible DebenturesStable⇗
2026-07-17BANKINDIAICRA LimitednewAA+Stable⇗
2026-07-17BANKINDIAIndia Ratings and Research Private LimitednewAA+Stable⇗
2026-07-15NUVOCOCRISIL Ratings LimitednewCrisil AA/StableStable⇗
2026-07-10AERONEUCARE Ratings LimitednewCARE BB+ StableStable⇗
2026-07-10AERONEUCARE Ratings LimitednewCARE BB+ Stable CARE A4+Stable⇗
2026-07-10AERONEUCARE Ratings LimitednewCARE A4+—⇗
2026-07-10AERONEUCARE Ratings LimitednewCARE A4+—⇗
2026-07-10AERONEUCARE Ratings LimitednewCARE BB+ StableStable⇗
2026-07-10AERONEUCARE Ratings LimitednewCARE BB+ Stable CARE A4+Stable⇗
2026-07-03TVSMOTORCARE Ratings LimitednewCARE AAA; Non Convertible DebenturesStable⇗
2026-07-02Veritas Finance LimitedCARE Ratings LimitednewCARE AA MinusStable⇗
2026-06-27Ambium Finserve LimitedCARE Ratings LimitednewBBB-Stable⇗
2026-02-27Aditya Birla Sun Life InsuraIndia Ratings and Research Private LimitednewIND AAA/StableStable⇗
2026-02-20Aditya Birla Sun Life InsuraCRISIL Ratings LimitednewCRISIL AAAStable⇗
2026-02-17NTPCIndia Ratings and Research Private LimitednewIND AAAStable⇗
2026-02-17NTPCIndia Ratings and Research Private LimitednewIND AAA; IND A1+Stable⇗
2026-02-17NTPCIndia Ratings and Research Private LimitednewIND A; IND A1Stable⇗
2026-02-17NTPCIndia Ratings and Research Private LimitednewIND BBB; IND A3+Stable⇗
2026-02-17NTPCIndia Ratings and Research Private LimitednewIND BBB+Stable⇗
2026-02-17UNIONBANKCARE Ratings LimitednewCareEdge - ESG 1+Na⇗
2026-02-13CANBKICRA LimitednewA1+A1+⇗
2026-02-13CANBKICRA LimitednewAAAStable⇗
2026-02-13CANBKICRA LimitednewAA+Stable⇗
2026-02-13CANBKIndia Ratings and Research Private LimitednewnAA+Stable⇗
2026-02-13CANBKIndia Ratings and Research Private LimitednewnAAAStable⇗
2026-02-10TVSHLTDCARE Ratings LimitednewCARE AA+Stable⇗
2026-02-06TORNTPOWERCRISIL Ratings LimitednewCRISIL AA+/StableStable⇗
2026-02-06TORNTPOWERCRISIL Ratings LimitednewCRISIL AA+/StableStable⇗
2026-02-05TORNTPOWERIndia Ratings and Research Private LimitednewIND AA+/StableStable⇗
2026-02-05TORNTPOWERIndia Ratings and Research Private LimitednewIND AA+/StableStable⇗
2026-02-05AFILCARE Ratings LimitednewCARE BBB+Stable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLInfomerics Valuation and Ratings Private LimitednewIVR/AAStable⇗
2026-01-14IIFLBrickwork Ratings India Private LimitednewBWR AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLIndia Ratings and Research Private LimitednewIND AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLCRISIL Ratings LimitednewCRISIL AAStable⇗
2026-01-14IIFLIndia Ratings and Research Private LimitednewIND AAStable⇗
2026-01-09AFILInfomerics Valuation and Ratings Private LimitednewIVR BBB+Stable⇗
2026-01-09Dar Credit & Capital LimitedCARE Ratings LimitednewCARE BBB-; StableStable⇗
2025-12-12POONAWALLACRISIL Ratings LimitednewCrisil AAA/StableStable⇗
2025-12-12POONAWALLACRISIL Ratings LimitednewCrisil AAA/StableStable⇗
2025-12-12POONAWALLACRISIL Ratings LimitednewCrisil AAA/StableStable⇗
2025-12-12POONAWALLACRISIL Ratings LimitednewCrisil AAA/StableStable⇗
2025-12-12POONAWALLACRISIL Ratings LimitednewCrisil AAA/StableStable⇗
2025-12-12POONAWALLACRISIL Ratings LimitednewCrisil AAA/StableStable⇗
2025-12-11MOTHERSONIndia Ratings and Research Private LimitednewIND AAAStable⇗
2025-12-11MOTHERSONCRISIL Ratings LimitednewCrisil AAAStable⇗
2025-12-11MOTHERSONIndia Ratings and Research Private LimitednewIND AAAStable⇗
2025-12-11MOTHERSONCRISIL Ratings LimitednewCrisil AAAStable⇗
2025-12-11MOTHERSONICRA LimitednewICRA AAAStable⇗
2025-12-11MOTHERSONIndia Ratings and Research Private LimitednewIND AAAStable⇗
2025-12-11MOTHERSONIndia Ratings and Research Private LimitednewIND AAAStable⇗
2025-12-03UGROCAPIndia Ratings and Research Private LimitednewIND/A+Under Rating Watch With Positive Implications⇗
2025-12-03UGROCAPIndia Ratings and Research Private LimitednewIND/A+Under Rating Watch With Positive Implications⇗
2025-12-03UGROCAPIndia Ratings and Research Private LimitednewIND/A+Under Rating Watch With Positive Implications⇗
2025-12-03UGROCAPIndia Ratings and Research Private LimitednewIND/A+Under Rating Watch With Positive Implications⇗
2025-11-29SUPERSPINCARE Ratings LimitednewA4+—⇗
2025-11-06CANBKCARE Ratings LimitednewAA+Stable⇗
2025-10-30CANBKICRA LimitednewAA+Stable⇗
2025-10-30CANBKICRA LimitednewA1+Assigned⇗
2025-10-17UGROCAPIndia Ratings and Research Private LimitednewIND/A+Under Rating Watch With Positive Implications⇗
2025-10-17UGROCAPIndia Ratings and Research Private LimitednewIND/A+Under Rating Watch With Positive Implications⇗
2025-10-15ECL Finance LimitedBrickwork Ratings India Private LimitednewAStable⇗
2025-10-08Veritas Finance LimitedCARE Ratings LimitednewCARE AA MinusStable⇗
2025-10-07TORNTPHARMIndia Ratings and Research Private LimitednewAA+(Stable) for proposed NCDsStable⇗