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 line Which 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 .
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
Broadcast Symbol Move Rating Agency Outlook Action Filing 2026-09-15 MOTILALOFS ▲1 AA → AA+ India Ratings and Research Private Limited Stable UPGRADE ⇗ 2026-09-04 AARTISURF ▲1 BBB+ → A- CRISIL Ratings Limited Stable UPGRADE ⇗ 2026-09-01 PHOENIXLTD ▲1 AA → AA+ India Ratings and Research Private Limited Stable UPGRADE ⇗ 2026-08-26 SAMMAANCAP ▲1 AA+ → AAA Brickwork Ratings India Private Limited Stable UPGRADE ⇗ 2026-08-25 PNBHOUSING ▲1 AA+ → AAA ICRA Limited Stable UPGRADE ⇗ 2026-08-20 AFCONS ▼ AA- → AA- CRISIL Ratings Limited Negative DOWNGRADE ⇗ 2026-08-13 NAVINFLUOR ▲1 AA → AA+ CARE Ratings Limited Stable UPGRADE ⇗ 2026-08-04 CENTRALBK ▲1 AA → AA+ CRISIL Ratings Limited Stable UPGRADE ⇗ 2026-07-31 IOB ▲1 AA → AA+ CARE Ratings Limited Stable UPGRADE ⇗ 2026-07-30 GABRIEL ▲ — → AA+ CRISIL Ratings Limited Stable UPGRADE ⇗ 2026-07-23 MOTILALOFS ▲1 AA → AA+ CRISIL Ratings Limited Stable UPGRADE ⇗ 2026-07-18 NEOGEN ▼1 A → A- CRISIL Ratings Limited Negative DOWNGRADE ⇗
The tape — every disclosure row (window 90d)
Broadcast Issuer Agency Action Rating (as filed) Outlook Filing 2026-09-15 MOTILALOFS India Ratings and Research Private Limited UPGRADE IND AA+ Stable ⇗ 2026-09-15 MOTILALOFS India Ratings and Research Private Limited UPGRADE IND AA+ Stable ⇗ 2026-09-15 MOTILALOFS India Ratings and Research Private Limited UPGRADE IND AA+ Stable ⇗ 2026-09-15 MOTILALOFS India Ratings and Research Private Limited UPGRADE IND AA+ Stable ⇗ 2026-09-15 MOTILALOFS India Ratings and Research Private Limited UPGRADE IND AA+ Stable ⇗ 2026-09-15 MOTILALOFS India Ratings and Research Private Limited UPGRADE IND AA+ Stable ⇗ 2026-09-15 Motilal Oswal Finvest India Ratings and Research Private Limited UPGRADE IND AA+ Stable ⇗ 2026-09-04 AARTISURF CRISIL Ratings Limited UPGRADE Crisil A- Stable ⇗ 2026-09-01 PHOENIXLTD India Ratings and Research Private Limited UPGRADE AA+ Stable ⇗ 2026-09-01 PHOENIXLTD India Ratings and Research Private Limited UPGRADE AA+ Stable ⇗ 2026-08-26 Sammaan Finserve Limited Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 Sammaan Finserve Limited Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AA+ Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-26 SAMMAANCAP Brickwork Ratings India Private Limited UPGRADE BWR AAA/Stable Stable ⇗ 2026-08-25 PNBHOUSING ICRA Limited UPGRADE AAA Stable ⇗ 2026-08-13 NAVINFLUOR CARE Ratings Limited UPGRADE CARE AA+; Stable Stable ⇗ 2026-08-04 CENTRALBK CRISIL Ratings Limited UPGRADE AA+ Stable ⇗ 2026-07-31 IOB CARE Ratings Limited UPGRADE AA+ Stable ⇗ 2026-07-31 IOB CARE Ratings Limited UPGRADE AA+ Stable ⇗ 2026-07-31 IOB CARE Ratings Limited UPGRADE AA+ Stable ⇗ 2026-07-30 GABRIEL CRISIL Ratings Limited UPGRADE Crisil AA+/Stable Stable ⇗ 2026-07-23 MOTILALOFS CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 MOTILALOFS CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 MOTILALOFS CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 MOTILALOFS CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 MOTILALOFS CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 MOTILALOFS CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 MOTILALOFS CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 MOTILALOFS CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 MOTILALOFS CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 Motilal Oswal Finvest CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 Motilal Oswal Finvest CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 Motilal Oswal Finvest CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗ 2026-07-23 Motilal Oswal Finvest CRISIL Ratings Limited UPGRADE Crisil AA+ Stable ⇗