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India Ratings has affirmed IndusInd Bank's credit rating at ‘IND AA+’ but revised the outlook from Stable to Negative. This change reflects concerns over multiple accounting discrepancies totaling INR 4920 Cr reported in FY25, highlighting weaknesses in internal controls. Additionally, the agency anticipates moderate profitability ahead, with return on assets (ROA) expected around 1%, down from an average of 1.8% over FY23–FY24. The negative outlook signals potential pressure on the bank’s cost of borrowing and could affect investor confidence, limiting strategic flexibility in the near to medium term. The affirmation applies to senior unsecured bonds (INR 15 billion) and Basel III Tier 2 bonds (INR 40 billion).