January 28, 2022 01:59 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Committed to providing humanitarian assistance to Afghan: PM Modi at India-Central Asia summit | Will soon announce Punjab's CM candidate: Rahul Gandhi in Jalandhar | Will soon announce Punjab's CM candidate: Rahul Gandhi in Jalandhar | Veteran singer Sandhya Mukhopadhyay hospitalised with Covid, other difficulties | Tamil Nadu schools, colleges to reopen Feb 1, night curfew lifted from tomorrow
Stimulus helps Indian firms boost financial health post COVID-19 second wave COVID19
Image: Pixabay

Stimulus helps Indian firms boost financial health post COVID-19 second wave

India Blooms News Service | @indiablooms | 18 Jun 2021, 08:25 pm

New Delhi: Unprecedented stimulus spending seems to be helping in the recovery of the financial health of Indian companies after a deadly second wave of the COVID-19 pandemic, media reports said.

The ratio of upgrades to downgrades in ratings and credit outlooks by the local units of S&P Global Ratings, Moody’s Investors Service and Fitch Group has improved to 1.2 this quarter, set for the highest level in nearly three years, data compiled by Bloomberg show, reports Bloomberg.

“Local companies are facing fewer downgrades during the second wave of the pandemic than during the first wave as most of them have bolstered their liquidity in the past couple of quarters, thanks to all the pandemic support announced by policymakers,” K. Ravichandran, a deputy chief rating officer at ICRA Ltd, a local unit of Moody’s, was quoted as saying by Bloomberg.

The nascent recovery in Indian firms’ credit quality adds to signs that the pandemic-hit economy may be turning a corner.