Press Release

DBRS Morningstar Withdraws Rating on one Indian Government STRIP Security

November 17, 2023

DBRS, Inc. (DBRS Morningstar) has withdrawn the rating applied to one Indian Government STRIP (Separately Traded Interest and Principal) Security, ISIN IN000642C032. DBRS Morningstar typically applies sovereign issuer ratings to individual debt securities issued by the sovereign. However, STRIP securities typically require some additional analysis to confirm that the security is identical in credit risk to other securities issued by the government. This STRIP security was misidentified as a conventional security when issued.

The withdrawal of this specific security rating has no implications for our ratings on the Republic of India (BBB (low), Stable).

The principal methodology is the Global Methodology for Rating Sovereign Governments (

The credit rating methodologies used in the analysis of this transaction can be found at:

The credit rating was not initiated at the request of the rated entity. The rated entity or its related entities did participate in the credit rating process for this credit rating action. DBRS Morningstar did not have access to the accounts, management and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

The last credit rating action on this issuer took place on May 16, 2023.

For more information on this credit or on this industry, visit
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