♦ India got a rating upgrade to ‘BBB’ with a ‘Stable’ outlook from Morningstar DBRS, a global sovereign credit rating agency on 9 May 2025.

♦ The rating scale for Morningstar DBRS is similar to the Fitch and S&P rating scales (It uses ‘high’ and ‘low’ as suffixes compared to the +/- nomenclature used by Fitch and S&P). ‘BBB-Low’ or ‘BBB- is the last investment grade.

♦ A 'BBB' rating denotes adequate credit quality, suggesting a capacity to meet financial obligations despite potential vulnerabilities to economic shocks.

♦ India’s overall debt-to-GDP ratio exceeds 80%, encompassing both state and central government debt.

♦ The central government’s debt ratio stood at 57.5% in FY24, projected to decline to 56.1% by FY26, according to the finance ministry.