 "credit rating agencies, investigation, search, report")
The flurry of downgrades seen in recent months has taken a pause in January, with value of downgraded bond papers slipping to lowest levels in 15 months. However, debt fund managers and rating analysts say the credit markets are not yet out of woods with non-bank financial companies (NBFCs) and other sectors still showing signs of stress.
"Stress till remains in some lower-rated NBFCs and housing finance companies, which could be vulnerable to further rating downgrades," said Arvind Subramanian, fund manager at IDFC MF.
"Last one to one-and-a-half years have been bad in terms of downgrades. However, it is still
