<h1>S&P Global upgrades credit ratings for 10 Indian financial firms following sovereign rating boost to BBB</h1> S&P Global Ratings upgraded the long-term issuer credit ratings of ten major Indian financial institutions, including seven banks and three finance companies, following an upgrade of India's sovereign credit rating to 'BBB'. The agency cited India's strong economic growth, improved asset quality, profitability, capitalization, and reduced credit risk as key factors. The ratings remain capped by the sovereign rating due to the government's influence over these institutions. S&P also acknowledged the positive impact of the insolvency and bankruptcy code (IBC) introduced in 2016, which has strengthened creditor rights and promoted restructuring of viable entities. Additionally, credit ratings for several state-owned enterprises were raised to 'BBB' with stable outlooks.