I was struck by this graphic of the changes in the distribution of ratings of India's business firms done by CRISIL. In many ways, it is a nice reflection of the fortunes of corporate India during the period. Clearly ratings downgrades continue to outnumber upgrades.
Construction and infrastructure sector firms are the worst affected, with the highest ratings downgrades and corporate debt restructurings. The graphic shows that a very high proportion of firms from these sector have suffered ratings downgrades and their credit ratio (ratio of upgrades to downgrades) is extremely low.
Thanks to declining economic growth, project delays, cost over-runs, high interest rates, and slow revenues growth,