Despite more upgrades, corporates not out of the woods yet
Largest domestic rating agency Crisil attributed the higher upgrades both by number of borrowers and quantum of debt to lack of capital expenditure by corporates and also a doubling of money raised through equity markets. Its rival Icra also reported a similar trend, with as many as 646 upgrades against 418 downgrades, but added it may be early to rejoice
Icra said total volume of the debt downgraded rose to Rs 2.89 trillion, while the upgraded one was Rs 1.82 trillion, as against Rs 1.69 trillion and Rs 1.55 trillion, respectively, in FY17. Image source: PTI