Credit ratio nears 1 as rating upgrades pick up speed: Crisil March 08, 2021 × Rating agency Crisil, on Monday, said its credit ratio (upgrades to downgrades) has been inching closer to 1 between October and February this fiscal, with a recovery in demand that has led to “guarded optimism” about the credit quality of India Inc. “These five months saw as many as 244 upgrades compared with 208 for the whole first half,” it said, adding that downgrades continue to be material because the end of moratorium on debt servicing has impacted vulnerable companies. According to Subodh Rai, Chief Ratings Officer, Crisil Ratings, the improvement in credit ratio was driven by more upgrades in moderately resilient sectors such as construction, engineering and electricity generation, which got support from the relaxation of lockdown, revival in demand and higher commodity prices.