Transition & Default Study — H1 2026: Rating migration patterns across Indian corporates — PreRatings
Infrastructure Developer — Long Term AA−
Pharma Manufacturer — Long Term AA+
Regional NBFC — NCD Rating BBB+
Steel Producer — Bank Loan A
Textile Exporter — Long Term BB+
Auto Component Mfr — Short Term A1+
Cement Producer — Long Term AA
Chemical Exporter — IPO Grading A−
Infrastructure Developer — Long Term AA−
Pharma Manufacturer — Long Term AA+
Regional NBFC — NCD Rating BBB+
Steel Producer — Bank Loan A
Textile Exporter — Long Term BB+
Auto Component Mfr — Short Term A1+
Cement Producer — Long Term AA
Chemical Exporter — IPO Grading A−
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Transition & Default Study — H1 2026: Rating migration patterns across Indian corporates

15 Jul 2026 Report PreRatings Research
Upgrade-to-downgrade ratio at 1.4:1, improving from 0.9:1 in H1 2025. BBB category shows highest migration volatility. Default rate remains below 1.2% for investment-grade.
Rating Transition Default Study