S&P Global Ratings assigned IDFC FIRST Bank 'BBB-' long-term and 'A-3' short-term issuer credit ratings, with a Stable outlook. This investment-grade rating stems from expectations of strong capitalization (RAC ratio >10%), manageable asset quality, and a robust retail deposit base. S&P anticipates the bank will raise up to INR 7,500 Cr in equity to support growth.