For every upgrade of rupee debt of Indian firms since April 1 there have been about 11 downgrades, leaving this quarter set to be the worst on record if sustained Indian companies are getting downgraded at the worst pace ever, adding to challenges for policy makers trying to keep credit markets from seizing up amid the Covid-19 pandemic.
For every upgrade of rupee debt of Indian firms since April 1 there have been about 11 downgrades, leaving this quarter set to be the worst on record if sustained, according to a review of moves by India’s four main credit assessors -- CARE Ratings, Crisil, ICRA and India Ratings & Research.