MUMBAI: Credit rating upgrades outpaced downgrades in FY25, though the pace has slowed from FY24. In FY25, ICRA upgraded 301 entities and downgraded 150, with its credit ratio easing to 2.0x from a high of 3.0x in FY22. CareEdge‘s ratio rose to 2.35x in H2 from 1.62x in H1. Crisil‘s stood at 2.64x in H2, slightly below 2.75x in H1.
ICRA remains optimistic, citing tax relief, lower food inflation, policy rate cuts, and improved credit availability but flagged weak urban demand and global risks.
CareEdge sees stability in credit ratios, supported by strong corporate balance sheets but tempered by global headwinds.
