...December 8, 2025 SINGAPORE (S&P Global Ratings) Dec. 8, 2025--S&P Global Ratings today affirmed its issue ratings on outstanding debt obligations of eight India-based corporates and one project finance transaction that we rate as speculative grade. This follows the revision of our jurisdiction ranking assessment for India's insolvency regime to Group B from Group C. We also affirmed the issuer credit ratings on the companies. Following the revision of our jurisdiction assessment for India to Group B, we incorporate an analysis of recovery prospects into the issue ratings when considering potential default scenarios. We assign recovery ratings to rated debt of speculative-grade issuers in Group A and Group B jurisdictions, given greater confidence in recovery prospects, as compared with Group C jurisdictions. Previously, when we assessed India as Group C, our issue ratings reflected the relative subordination of unsecured creditors in the capital structure. Accordingly, we have now assigned...
