The ratio of rating upgrades to downgrades (U/D ratio) has improved since June. The ratio stood at 0.15 during the July-October period, against 0.06 during April-June. The numbers of upgrades for these timeframes were 736 and 227, while downgrades were at 4,769 and 3,755, respectively.
The sectors that have opted for a moratorium and appear to be in Covid stress reported improvement in ratios. According to SBI EcoWatch, only 15-20 per cent of firms may request for a debt rejig; and by most pessimistic estimates could top Rs 1 trillion. Those which are able to pay the ...
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