More Indian firms seeing credit upgrades as Modi's policies bear fruit

Mumbai

COMPANIES in India are being upgraded at the fastest pace in five years as Prime Minister Narendra Modi's efforts to revive economic growth bear fruit.

ICRA Ltd, the Indian arm of Moody's Investors Service, raised the credit scores of 870 local borrowers last year and cut the ratings of 539, the best upgrade to downgrade ratio since 2009. Crisil Ltd, a Standard & Poor's unit, upgraded 741 companies in the six months to Sept 30 and downgraded 451, turning the ratio bullish for the first time in 30 months.