The CRISIL Ratings annual default rate stood at 2.2% for fiscal 2022; the second straight time it has been low after 2.0% in fiscal 2021. That is nearly half the 4.1% average of the past decade.
CRISIL Ratings credit ratio of upgrades to downgrades increased to 5.04 times in the second half (H2) of fiscal 2022, compared with 2.96 times in the first half (H1), underscoring continuing improvement in the performance of India Inc. Despite pressures, the rating agency says India Inc. s credit quality outlook for FY23 is positive.