S&P Global Ratings has assigned ‘BBB-’ long-term and ‘A-3’ short-term issuer credit ratings to IDFC First Bank. The outlook on the long-term rating is stable. The private sector bank said this rating is its first international investment grade rating.The rating will enhance the Bank’s standing with global investors and financial institutions, support access to international funding markets, facilitate Standby Letter of Credit (SBLC) lines, strengthen foreign currency funding at the Bank’s GIFT City International Banking Unit, support mobilisation of FCNR(B) deposits, and deepen correspondent banking and cross-border trade finance relationships, said Sudhanshu Jain - Chief Financial Officer & Head Corporate CentreCommenting on the rating, Mr. Sudhanshu Jain - Chief Financial Officer & Head Corporate Centre, said, “We are delighted to receive our first international investment grade Rating from S&P with a Stable Outlook.S&P Global Ratings noted that IDFC First Bank will maintain strong capitalization over the next 18-24 months. “We forecast the bank’s risk-adjusted capital (RAC) ratio will stay at 10.0 per cent-10.5 per cent, compared with 10.9 per cent as of March 2026. The bank’s loan book is likely to grow at 20 per cent per annum over that period, faster than the wider Indian banking industry,” it said.The rating agency observed that regular capital raisings, improved profitability, and a low dividend payout should support IDFC First Bank’s capitalization. Further, the bank has demonstrated good access to equity markets, raising capital frequently since fiscal 2021.“We expect IDFC First Bank to raise additional capital of up to ₹75 billion in fiscal 2027 (ending March 31, 2027) and to conduct further equity infusions as needed to support its growth plans. Management aims to maintain an S&P Global Ratings RAC ratio above 10 per cent on a sustained basis,” the agency said.Published on August 15, 2026