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'India Inc credit outlook turns positive, upgrades rise'
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SME Times News Bureau | 18 Aug, 2021
Ratings agency Crisil revised the credit quality outlook of India Inc to
"positive" from "cautiously optimistic" in FY22 on sustained recovery
in demand after the blip caused by the second wave of Covid-19
afflictions in the first quarter.
The increase in coverage of vaccinations should mitigate the impact of a third wave if it comes about, the agency said.
"The
credit ratio (upgrades to downgrades) in the first four months of this
fiscal improved to more than 2.5 times," the agency said.
"It had
touched a decadal low of 0.54 time amid the first wave in the first
half of fiscal 2021, before recovering to 1.33 times in the second half,
buoyed by a rebound in demand."
A Crisil study of 43 sectors showed the current recovery is broad-based.
"As
many as 28 sectors are on course to see a 100 per cent rebound in
demand to pre-pandemic levels by the end of this fiscal, while 6 will
see upwards of 85 per cent."
According to Chief Ratings Officer,
Subodh Rai, the outlook revision factors in strong economic growth, both
domestic and global, and containment measures that are localised and
less stringent compared with the first wave, which should keep domestic
demand buoyant even if a third wave materialises.
"We believe India Inc is on higher and stronger footing," Rai said.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
₹95.3
|
₹93.6 |
UK Pound
|
₹127.7
|
₹123.7 |
Euro
|
₹110.65
|
₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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