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India Inc’s credit quality rebounded in FY22 after two years of economic slowdown. As a result, the downgrade rate of ICRA-assigned ratings was 6 per cent in FY22 (of 184 entities) — much lower than the 13 per cent in FY20 and the decadal average of 9 per cent.
In contrast, FY22’s upgrade rate of 19 per cent (of 561 entities), stood at a multi-year high relative to the decadal average of 11 per cent. Sectors that witnessed relatively high upgrades in the just-concluded fiscal include real estate, power, ferrous metals, textiles, and pharmaceuticals. A majority of the upgrades were driven
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