AA-rated bonds carry the second-highest credit rating tier from SEBI-registered agencies like CRISIL, ICRA, and CARE — defined by the agencies as a high degree of safety regarding timely debt servicing, one notch below AAA. In India, AA-tier bonds (AA+, AA, AA-) typically yield 8–10%, modestly above comparable AAA bonds.
AA is the second-highest credit rating tier on the Indian scale, covering AA+, AA, and AA-. Rating agencies such as CRISIL, ICRA, CARE, and India Ratings define AA as a high degree of safety regarding timely servicing of financial obligations — one notch below AAA. AA-rated issuers are typically large, established companies and NBFCs with strong balance sheets. Yields usually sit 0.5–1.5% above comparable AAA bonds, reflecting the incremental credit risk. Ratings are reviewed periodically and can move up or down with issuer fundamentals.
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59 Bonds Found
Sorted by YTM. Not a recommendation.| Issuer | Rating | YTM | Coupon | Maturity | Platforms |
|---|---|---|---|---|---|
| 11.00 Iifl Samasta Finance Limited 18 May 2030 INE413U08093 | AA- | 11.64% | 11.00% | 3.9Y | 1 |
| IIFL Samasta Finance Limited INE413U07442 | AA- | 10.85% | 9.25% | 2.5Y | 1 |
| IIFL SAMASTA INE413U07434 | AA- | 10.65% | 9.65% | 2.3Y | 2 |
| Iifl Samasta Finance Limited 2028 INE413U07418 | AA- | 10.60% | 9.75% | 2.1Y | 1 |
| Iifl Samasta Finance Limited INE413U07459 | AA- | 10.50% | 9.20% | 1.7Y | 2 |
| MUTHOOT FINCORP INE549K08574 | AA | 10.49% | 10.26% | 5.1Y | 2 |
| Muthoot Fincorp Limited INE549K08590 | AA | 10.42% | 10.40% | 7.6Y | 1 |
| Iifl Samasta Finance Limited INE413U07426 | AA- | 10.15% | 9.50% | 1.1Y | 2 |
| Muthoot Fincorp Limited INE549K08426 | AA- | 9.50% | 10.05% | 3.0Y | 1 |
| MUTHOOT FINCORP LIMITED INE549K07GX3 | AA- | 9.50% | 9.05% | 2.1Y | 1 |
| Asirvad Micro Finance Limited INE516Q07473 | AA- | 9.25% | 9.10% | 1.8Y | 1 |
| Incred Financial Services Limited INE321N07590 | AA- | 9.25% | 8.80% | 1.5Y | 1 |
| IKF FINANCE LIMITED INE859C07253 | AA- | 9.20% | 8.50% | 1.7Y | 1 |
| KERALA INFRA. INE658F08565 | AA | 9.15% | 9.30% | 5.6Y | 1 |
| MUTHOOT FINCORP LIMITED INE549K07HQ5 | AA | 9.15% | 8.75% | 2.7Y | 1 |
| MUTHOOT FINCORP LIMITED INE549K07HD3 | AA | 9.15% | 8.80% | 2.5Y | 1 |
| MUTHOOT FINCORP LIMITED INE549K07HB7 | AA | 9.15% | 8.85% | 2.4Y | 1 |
| MUTHOOT FINCORP LIMITED INE549K07GZ8 | AA | 9.15% | 9.40% | 2.1Y | 1 |
| INCRED FINANCIAL SERVICES LIMITED INE321N07632 | AA- | 9.15% | 8.60% | 1.7Y | 1 |
| Andhra Pradesh State Beverages Corporation Limited INE0M2307412 | AA | 9.07% | 9.15% | 8.5Y | 1 |
| Iifl Finance Limited INE530B07658 | AA | 9.00% | 8.37% | 1.7Y | 2 |
| LLOYDS METALS AND ENERGY LIMITED INE281B07013 | AA | 9.00% | 9.20% | 4.6Y | 1 |
| CAPRI GLOBAL CAPITAL LIMITED INE180C07304 | AA | 9.00% | 8.80% | 2.9Y | 1 |
| Hinduja Leyland Finance Limited INE146O08415 | AA+ | 9.00% | 9.30% | 6.5Y | 1 |
| AP STATE BEVERAGES INE0M2307388 | AA | 8.80% | 9.15% | 5.5Y | 1 |
| CREDITACCESS GRAMEEN LIMITED INE741K07579 | AA- | 8.75% | 9.70% | 2.2Y | 1 |
| ADANI ENTERPRISES LIMITED INE423A07492 | AA- | 8.75% | 8.48% | 2.6Y | 1 |
| Arka Fincap Limited INE03W107223 | AA | 8.70% | 10.00% | 2.5Y | 1 |
| Capri Global Capital Limited INE180C07171 | AA | 8.55% | 8.90% | 2.3Y | 1 |
| IndoStar Capital Finance Ltd INE896L07AE9 | AA- | 8.50% | 10.15% | 1.2Y | 1 |
| Adani Enterprises Limited INE423A07500 | AA- | 8.50% | 8.60% | 1.6Y | 1 |
| Adani Enterprises Limited INE423A07435 | AA- | 8.50% | 9.15% | 2.1Y | 1 |
| ARKA FINCAP LIMITED INE03W107249 | AA | 8.50% | 9.65% | 7M | 1 |
| Muthoot Fincorp Limited INE549K07GT1 | AA- | 8.40% | — | 2.1Y | 1 |
| Iifl Finance Limited INE530B07310 | AA | 8.30% | 8.65% | 1.6Y | 1 |
| HERO FINCORP LIMITED INE957N08045 | AA+ | 8.25% | 9.81% | 2.5Y | 1 |
| Adani Enterprises Limited INE423A07328 | AA- | 8.25% | 9.65% | 1.2Y | 2 |
| MAS Financial Services Limited INE348L07308 | AA- | 8.25% | 8.35% | 6M | 1 |
| PIRAMAL ENTERPRISES LIMITED INE202B07JW4 | AA | 8.25% | 8.75% | 1.4Y | 1 |
| Cholamandalam Investment And Finance Company Limited INE121A08PP7 | AA+ | 8.25% | 9.10% | 5.0Y | 2 |
| HINDUJA LEYLAND FINANCE LIMITED INE146O07540 | AA+ | 8.10% | 8.50% | 3.9Y | 1 |
| THE ANDHRA PRADESH MINERAL DEVELOPMENT CORPORATION LIMITED INE0TLC07093 | AA | 8.00% | 9.30% | 1.9Y | 1 |
| THE ANDHRA PRADESH MINERAL DEVELOPMENT CORPORATION LIMITED INE0TLC07069 | AA | 8.00% | 9.30% | 2.9Y | 1 |
| Kerala Infrastructure Investment Fund Board INE658F08532 | AA | — | 9.30% | 7.6Y | 1 |
| Kerala Infrastructure Investment Fund Board INE658F08516 | AA | — | 9.30% | 6.6Y | 1 |
| Nashik Municipal Corporation INE579F24107 | AA | — | 8.05% | 9.7Y | 1 |
| Nashik Municipal Corporation INE579F24057 | AA | — | 8.05% | 5.7Y | 1 |
| U P Power Corporation Limited INE540P07434 | AA+ | — | 9.70% | 5.7Y | 1 |
| U P Power Corporation Limited INE540P07418 | AA+ | — | 9.70% | 3.7Y | 1 |
| U P Power Corporation Limited INE540P07350 | AA- | — | 10.15% | 1.6Y | 1 |
Frequently Asked Questions
What does an AA rating mean for bonds?
AA is the second-highest credit rating tier assigned by SEBI-registered agencies like CRISIL, ICRA, and CARE. The agencies define it as a high degree of safety regarding timely servicing of financial obligations. AA+, AA, and AA- are notches within the tier — credit risk is higher than AAA but lower than the A and BBB tiers.
How do AA bond yields compare with AAA bonds and fixed deposits?
AA-tier bonds in India typically yield 8–10%, roughly 0.5–1.5% above AAA bonds of similar tenure and above most bank fixed deposit rates. The spread compensates for incremental credit risk. Post-tax outcomes depend on your income tax slab, so comparisons are most meaningful on a post-tax basis.
What risks remain in AA-rated bonds?
AA-rated bonds still carry credit risk (ratings can be downgraded), interest-rate risk (prices fall when rates rise), liquidity risk, and reinvestment risk. A rating is an opinion at a point in time, not a guarantee — reading the rating rationale and outlook published by the agency adds useful context.
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Data is for informational purposes only. BondDekho is not SEBI-registered and does not provide investment advice. Bond yields and ratings are subject to change. Verify details on respective platforms before investing. Sorted by Yield to Maturity. Not a recommendation.