 "Credit rating agency")
India Inc’s credit health has further deteriorated in the current financial year (FY18), if rating action is to go by. The credit ratio — number of upgrades to downgrades of debt paper — is at a five-year low of 0.97. In the first six months of the current financial year, rating agencies have upgraded 189 debt papers and downgraded 195.
Debt worth nearly Rs 2.57 lakh has been downgraded in FY18, which is 1.5 times that of FY17’s, show data provided by the Securities and Exchange Board of India (Sebi). In value terms, FY18 is already the second worst year,
