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, ET BureauLast Updated: Oct 01, 2026, 12:51:00 AM IST

Synopsis

Rating upgrades moderated in the first half of the financial year as companies faced headwinds from the West Asia conflict, rising crude prices, higher input costs and evolving US tariff measures. Downgrades also declined, though rating agencies cautioned that this may not capture cases where issuers do not cooperate with adverse reviews.

The number of rating upgrades has come down in the fi rst half of the fi nancial year as compared with the numbers in the year ago period as companies are facing multiple headwinds in the form of West Asia confl ict, rising crude oil prices, higher input cost and the evolution of US tariff measures.

Number of downgrades is also lower but this typically does not refl ect where issuers do not cooperate with any adverse rating.

ET Bureau

Despite moderation in rating activity, rating fi rms said India Inc’s credit profi le remains resilient, supported by stronger balance sheets, lower leverage and liquidity buffers, rating companies said. They expect corporates to absorb up to 50 basis points rate hike without much of a problem.

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