Notably, credit ratios of companies remain largely stable. In H1 of FY26, Icra upgraded ratings of 214 firms while downgrading another 75, for a credit ratio of 2.9 times, an improvement from the two times in FY25. For Crisil Ratings, the credit ratio eased for the second time in a row to 2.17 times in the first half of FY26 from 2.75 times a year ago, and 2.64 times in the second half of FY25.
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