Indian corporates continued to maintain a robust credit ratio, which reflects the proportion of rating upgrades to downgrades in H1FY26, rating agencies said today.

CareEdge Ratings’ credit ratio rose to 2.56 times in H1FY26 from 2.35 times in H2FY25. There were a total of 282 rating upgrades and 110 downgrades in the first half of current fiscal. Reaffirmations remained largely stable at 80 per cent over the past three years, indicating that most ratings continued to hold strong despite changing external environment.

“Corporate India’s leverage is at decadal lows, reflected in the Total debt/PBILDT of close to 1.63 times as of Mach, 2025, which was at 3.07 times as of March, 2016. Steady domestic demand and the government’s infrastructure push sustained upgrade momentum, with nearly 40

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