Crisil Has Upgraded 35 Firms During Current Financial Year

Thirty-five companies have been upgraded in the financial year till January 31, 2000, by Crisil. According to the rating agency, this presages a revival in the economy after the slowdown in 1997-98 when real GDP growth was only 5 per cent. The upgrades include 6 CP ratings, 11 FD ratings and 18 bonds and non-convertible debenture issues. Crisil says that even though the manufacturing sector had seen slowdown during the year 1998-99 to grow at only 3.6 per cent, the good growth in the agricultural sector at 7.2 per cent led to a GDP growth in 1998-99 at 6.8 per cent. According to Crisil, the dynamics of growth during, the year 1999-2000 has changed compared to 1998-99. Agricultural growth is likely to be subdued during this financial year due to natural calamities as also due to the high base effect of last year.