India receives JCR credit rating upgrade to A-

The Japan Credit Rating Agency (JCR) has upgraded India’s sovereign rating from ‘BBB+’ to ‘A-’ with a stable outlook. The agency cited robust economic growth, exceeding 6% in the current fiscal, and significant improvements in the banking sector, specifically a decline in gross non-performing loans to 1.8% by March 2026. Structural reforms such as the Goods and Services Tax (GST) and digital public infrastructure were also noted as key drivers of economic stability.

In the Philippines, JCR affirmed the country’s ‘A-’ rating with a stable outlook. The affirmation is based on strong economic fundamentals, high growth potential, and successful fiscal consolidation, including a narrowing deficit-to-GDP ratio. The agency expects the Philippine economy to recover and return to high growth rates by the second half of 2026.

Pakistan has made significant moves in the global capital markets, successfully issuing $3 billion in Eurobonds. While the issuance reflects renewed international confidence, Fitch Ratings assigned a ‘B-’ rating to the proposed dollar-denominated bond, citing governance concerns and the potential for downturns in external liquidity. Meanwhile, domestic economic pressure in Pakistan has led to a shutter-down strike in Karachi as traders protest rising taxes and inflation.