Business Standard

Credit-rating cuts for companies slow down as Indian economy perks up

Economic data suggests that Asia's third-biggest economy is recovering, albeit unevenly, after it shrank a record 24% in the three months to June 30

ratings, credit rating, sovereign, moody's, fitch, standard & poor's s&p
Premium

Anurag Joshi | Bloomberg
The pace of credit-rating cuts for Indian companies has slowed to the lowest since before the pandemic amid signs the local economy is coming out of its worst-ever contraction.

There have been about three downgrades for every upgrade of rupee debt since Oct. 1, the lowest since the last three months of 2019, according to data from India’s four biggest rating firms compiled by Bloomberg. That compares with a ratio of more than four to one in favor of cuts for the previous quarter, and a record 11 to one in the April-to-June period.

Economic data suggests that Asia’s third-biggest

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 27 2020 | 8:35 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com