A D rating means the bond is in default, or the rating agency expects it to be in default soon. 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 D means the bond is in default, or the rating agency expects it to be in default soon. The agency's name comes first, so "CRISIL D" and "CARE D" are the same grade from different agencies.
A D rating is given when even one payment of interest or principal is delayed, by a day. It can be upgraded again once the issuer has paid on time for a period set by the agency. Recovery after a default can take years and may be partial.
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 D
21 issuers on Bond Interpretation have a current D-grade rating (including D+ and D-) on their outstanding bonds:
- Aliens Developers Private Limited India Ratings D (No Outlook)
- Artsy Homes Real Estate Private Limited Brickwork D (No Outlook)
- AVIOM India Housing Finance Private Limited ICRA D (No Outlook)
- IL&FS Financial Services Limited India Ratings D (No Outlook)
- Infrastructure Leasing & Financial Services Limited India Ratings D (No Outlook)
- Jana Capital Limited India Ratings D (No Outlook)
- Keelz Facility Management Services Private Limited CARE D (No Outlook)
- Kinara Capital Private Limited CARE D (No Outlook)
- Parsvnath Estate Developers Private Limited Infomerics D (No Outlook)
- Regreen-Excel Epc India Limited CARE D (No Outlook)
- Reliance Capital Limited Brickwork D (No Outlook)
- Reliance Commercial Finance Limited CARE D (No Outlook)
- Reliance Home Finance Limited CARE D (No Outlook)
- Sanghi Industries Ltd India Ratings D (No Outlook)
- Selene Estate Limited Infomerics D (No Outlook)
- SREI Equipment Finance Limited Brickwork D
- SREI Infrastructure Finance Limited Brickwork D (No Outlook)
- Star Housing Finance Limited India Ratings D (No Outlook)
- TruCap Finance Limited CARE D (No Outlook)
- Vishal Papertech (India) Ltd Acuite D (No Outlook)
- VR Konkan Private Limited ICRA D (No Outlook)
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.
