New Delhi, Dec. 3 -- S&P Global Ratings on Wednesday revised up its "jurisdiction ranking assessment" for India's insolvency regime to Group B from Group C.

According to S&P, the change follows an upward revision of its assessment of the what it termed "creditor-friendliness" of India's bankruptcy resolution framework to "medium from weak."

Contributing to this reassessment are a continuing record of successful creditor-led resolutions under the Insolvency and Bankruptcy Code (IBC) in India, it gave its rationale.

These resolutions demonstrate improved timeliness and recovery rates, the statement from S&P said.

"The IBC has strengthened credit discipline and tilted the resolution process in favor of creditors, in our view, with promot...