HDFC Bank’s Ratings Affirmed; Outlook for BSR Revised to Positive

13 February 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook for the Bank Standalone Rating (BSR) of HDFC Bank to Positive from Stable. At the same time, CI Ratings has affirmed the Bank’s Long-Term Foreign Currency Rating (LT FCR) at ‘BBB-’, Short-Term Foreign Currency Rating (ST FCR) at ‘A3’, BSR at ‘bbb-’, Core Financial Strength (CFS) rating at ‘a-’ and Extraordinary Support Level (ESL) at High. The Outlook for the LT FCR remains Positive.

The upgrade in the Outlook for the BSR is driven by an upward revision of India’s Operating Environment Risk Anchor (OPERA) to ‘bbb-’, from ‘bb+’, coupled with an expected improvement in CI’s internal assessment of sovereign credit risk. The latter factor also underpins the Positive Outlook on the Bank’s LT FCR, which is in line with our internal assessment of India’s creditworthiness.

The BSR and LT FCR are both currently constrained by sovereign…