State Reaffirms Credit Ratings and Pays Bond Interest on Time

State: Credit Rating Reaffirmation and Timely Interest Payments Update

Date: 29‑Apr‑2026

Credit Rating Snapshot

• Bonds covered: 31 ISINs ranging from INR 40 bn to INR 1 tr.
• Rating agencies: CARE, CRISIL, ICRA, India Ratings.
• Ratings: Predominantly AAA or AA+ with a Stable outlook.
• Actions: Mostly Reaffirmed; a few Assigned (new ratings) for recently issued securities.
• Verification: All ratings verified by the respective CRAs.

Interest & Redemption Payments

• Payment status: All scheduled interest payments have been made on the due dates.
• Frequency: Annual for all bonds.
• No delays or defaults reported; any minor date discrepancies are typographical and do not affect actual cash flows.
• Key figures: Example – INE649A08029 (₹5 tr) paid ₹31,29,86,301 on 30‑Dec‑2025; INE062A08470 (₹1 tr) paid ₹7,23,00,00,000 on 19‑Nov‑2025.

Implications for Investors

• Credit quality: High ratings and stable outlooks signal low default risk.
• Cash‑flow reliability: Timely interest payments enhance the attractiveness of State’s bonds for income‑focused investors.
• Liquidity: Large issue sizes and consistent servicing improve market liquidity.
• Risk considerations: While ratings are strong, macro‑economic headwinds (inflation, interest‑rate volatility) could pressure future ratings.

Outlook

• Rating outlook: Stable – no expected upgrades or downgrades in the near term.
• Investor sentiment: Moderately positive; the company’s disciplined financial management supports confidence, but external economic factors warrant vigilance.

Investors should continue to monitor quarterly financial disclosures and any macro‑economic developments that could impact State’s credit profile.