An AA rating means the rating agency sees a high degree of safety regarding timely payment of interest and principal, and very low credit risk. It is the agency's opinion on the chance of default, not a guarantee.
Indian rating agencies registered with SEBI (CRISIL, ICRA, CARE Ratings, India Ratings, Acuité, Infomerics and others) use the same long-term scale, from AAA down to D. A rating of AA means the rating agency sees a high degree of safety regarding timely payment of interest and principal, and very low credit risk. The agency's name comes first, so "CRISIL AA" and "CARE AA" are the same grade from different agencies.
AA (with AA+ and AA-) covers many established private companies, NBFCs and housing finance companies. AA bonds usually pay somewhat more than AAA bonds of the same maturity.
A "+" or "-" after the grade ranks a bond within the grade: AA+ is above AA, and AA- is below it. The rating comes with an outlook (Stable, Positive, Negative or Developing) that shows which way the agency expects it may move. Ratings change: check the agency's latest press release before investing, not the rating printed in an old offer document.
Bond issuers rated AA
227 issuers on Bond Interpretation have a current AA-grade rating (including AA+ and AA-) on their outstanding bonds:
- 360 ONE Alternates Asset Management Limited ICRA AA (Stable)
- 360 One Portfolio Managers Limited ICRA AA (Stable)
- 360 ONE Prime Limited CRISIL AA (Stable)
- A. K. Capital Finance Limited Brickwork AA+ (SO)
- Aadhar Housing Finance Limited ICRA AA+ (Stable)
- Aadharshila Infratech Private Limited CARE AA+ (Stable)
- AAVAS Financiers Limited CARE AA (No Outlook)
- Adani Airport Holdings Limited CRISIL AA (Stable)
- Adani Energy Solutions Limited CRISIL AA+ (Stable)
- Adani Enterprises Limited CARE AA (Stable)
- Adani Power Limited India Ratings AA+ (Stable)
- Adani Transmission Step-Two Limited CRISIL AA+ (Stable)
- Aditya Birla Digital Fashion Ventures Limited CRISIL AA- (Stable)
- Aditya Birla Fashion and Retail Limited CRISIL AA+ (Stable)
- Aditya Birla Lifestyle Brands Limited CRISIL AA+ (Stable)
- Aditya Birla Real Estate Limited CRISIL AA (No Outlook)
- Aditya Birla Renewables Limited CRISIL AA (No Outlook)
- Aegis Vopak Terminals Limited India Ratings AA (Positive)
- Afcons Infrastructure Limited CRISIL AA- (Negative)
- Agra Nagar Nigam India Ratings AA (Stable)
- Ambit Finvest Private Limited Acuite AA (Stable)
- Andhra Pradesh State Beverages Corporation Limited India Ratings AA (CE) (Stable)
- Angel One Limited ICRA AA- (Stable)
- Apollo Tyres Limited CRISIL AA+ (Stable)
- Apraava Renewable Energy Private Limited India Ratings AA+ (Stable)
- Aptus Finance India Private Limited CARE AA (Stable)
- Aptus Value Housing Finance India Limited CARE AA (Stable)
- Aquapharm Chemical Limited CRISIL AA (Negative)
- Arka Fincap Limited CRISIL AA (Stable)
- Aseem Infrastructure Finance Limited ICRA AA+ (No Outlook)
- Ashok Leyland Limited ICRA AA+ (Stable)
- Asirvad Micro Finance Limited CRISIL AA- (Stable)
- ASK Financial Holdings Private Limited CRISIL AA- (Stable)
- Astec LifeSciences Limited ICRA AA- (Negative)
- AU Small Finance Bank Limited ICRA AA (Positive)
- Avanse Financial Services Limited India Ratings AA (Stable)
- Axis Max Life Insurance Limited ICRA AA+ (Stable)
- Balkrishna Industries Ltd ICRA AA+ (Stable)
- Bank Of India India Ratings AA+ (Stable)
- Bank of maharashtra ICRA AA+ (Stable)
and 187 more.
Data as of 5 Nov 2026 (snapshot 20261105-2032). Methodology and sources
Related
Related terms: Credit rating · Investment grade · Rating outlook · Credit enhancement (CE) · Rating downgrade
Before investing, look up the issuer: all its outstanding bonds, rating history and disclosure documents.
This page is for information only. It is not investment advice, a credit rating or a recommendation to buy, sell or hold any security. Facts are taken from the issuer's own documents and the sources linked on this page; check them with the source before investing.
