What has been the month wise trend in credit ratings of corporate debt in terms of downgrades and upgrades?
Answer
Answer
The table below is quite indicative of the quality of corporate paper in each of the months and the trend is also visible. Check the table below:
Month
Upgraded
Downgraded
Reaffirmed
Rating Watch
No.
Amount ( Rs. in crore)
No.
Amount ( Rs. in crore)
No.
Amount ( Rs. in crore)
No.
Amount ( Rs. in crore)
1
2
3
4
5
6
7
8
9
Apr-10
34
6,987
11
2,046
181
4,59,573
3
5,323
May-10
20
5,886
15
2,459
156
3,56,004
1
50
Jun-10
63
9,968
17
832
209
3,82,133
9
1,096
Jul-10
70
9,992
23
1,137
312
3,30,762
10
762
Aug-10
74
24,126
30
4,069
396
4,93,375
0
0
Sep-10
82
37,598
25
1,548
367
3,76,959
5
329
Oct-10
64
6,289
15
1,966
299
3,54,947
2
275
Nov-10
89
24,230
38
3,317
274
2,04,822
16
9,738
Dec-10
61
6,690
38
5,381
355
3,00,049
23
9,182
Jan-11
43
4,173
25
1,591
339
2,50,853
11
1,226
Feb-11
65
13,438
31
1,267
236
2,28,685
9
2,635
Mar-11
78
8,019
42
2,590
481
4,61,553
11
8,046
Apr-11
51
2,576
46
12,664
224
3,33,338
1
1,122
May-11
79
11,513
38
4,202
251
5,00,542
1
1,122
Jun-11
61
8,422
38
9,001
249
3,20,071
1
1,122
Jul-11
87
8,478
27
3,443
288
2,05,418
1
1,122
Aug-11
42
7,383
54
13,065
239
3,14,938
1
1,122
Sep-11
42
30,697
52
9,173
452
3,57,690
1
1,122
Oct-11
54
3,567
38
2,063
251
1,71,129
1
1,122
Nov-11
76
9,477
48
6,610
403
4,12,775
1
320
Dec-11
45
3,138
90
32,868
475
3,84,908
2
1,680
Jan-12
50
5,823
64
12,703
385
1,07,713
1
60
Feb-12
46
3,699
58
10,259
342
5,76,115
19
13,761
Mar-12
63
6,751
97
19,464
376
51,955
15
9,132
Apr-12
39
1,966
60
11,813
265
70,283
1
570
May-12
68
4,120
107
17,252
396
3,22,623
5
1,350
Jun-12
49
3,500
79
7,288
298
3,46,096
0
0
Jul-12
81
2,444
116
67,749
572
57,739
2
710
Aug-12
73
4,396
128
34,063
423
3,74,898
1
27
Sep-12
51
2,533
132
15,370
620
7,40,951
3
339
Oct-12
56
2,856
127
19,626
449
3,27,233
13
7,273
Nov-12
5
1,050
42
14,201
113
4,04,164
3
667
Dec-12
12
4,466
42
10,824
244
3,89,271
9
4,161
Jan-13
5
133
14
7,620
149
89,447
4
467
Feb-13
10
299
22
3,853
102
2,81,250
1
433
Mar-13
14
859
35
9,664
196
5,12,817
15
6,901
Apr-13
24
2,703
5
1,350
95
3,42,297
1
100
May-13
7
262
9
2,784
69
6,26,494
1
100
Jun-13
25
5,927
16
5,790
207
4,51,334
3
7,143
Jul-13
13
2,952
8
1,699
100
4,30,462
2
933
Aug-13
22
648
17
10,145
133
2,29,308
0
0
Sep-13
14
796
23
8,006
365
7,62,813
0
0
Oct-13
7
622
21
19,292
109
2,11,179
0
0
Nov-13
9
3,516
41
15,633
105
3,12,072
5
730
Dec-13
23
6,458
37
17,364
227
3,95,937
1
1,000
Jan-14
28
13,881
9
5,945
135
6,27,674
3
1,400
Feb-14
23
290
25
8,742
86
2,64,056
2
525
Mar-14
30
8,551
20
5,634
157
3,61,400
3
175
Apr-14
11
3,031
9
4,499
98
1,71,269
6
1,792
May-14
13
2,566
6
1,315
91
5,76,346
2
950
Jun-14
63
24,489
5
10,065
211
2,83,754
18
15,200
Jul-14
69
28,102
42
4,235
259
4,27,324
5
17,681
Aug-14
69
61,079
11
1,351
129
5,23,673
6
2,489
Sep-14
89
19,295
42
22,894
451
11,51,409
1
1,280
Oct-14
17
5,734
4
1,020
129
4,05,406
4
13,080
Nov-14
19
4,851
15
10,214
118
7,05,331
1
2,000
Dec-14
33
18,908
35
22,258
196
2,92,353
4
3,212
Jan-15
29
3,198
20
9,290
63
2,38,133
0
0
Feb-15
28
7,293
6
1,272
80
7,08,681
1
500
Mar-15
24
8,897
11
14,790
105
4,63,460
2
2,560
Apr-15
4
985
6
3,955
65
6,70,671
0
0
May-15
77
13,668
39
3,173
41
6,14,414
11
6,740
Jun-15
12
24,724
15
8,790
265
8,00,730
2
1,580
Jul-15
38
31,187
23
17,042
113
4,92,891
2
1,300
Aug-15
48
12,999
9
4,997
195
3,25,509
1
500
Sep-15
42
5,929
83
39,868
568
13,41,821
3
1,400
Oct-15
46
2,119
11
15,087
81
2,57,821
1
10
Nov-15
5
1,914
16
20,129
81
2,57,983
1
1,280
Dec-15
30
658
17
4,030
103
1,14,476
14
14
Jan-16
1
100
10
23,092
41
1,95,835
2
10,212
Feb-16
37
1,738
33
85,632
88
8,87,670
0
0
Mar-16
7
1,252
90
1,86,182
106
6,74,578
17
30,357
Apr-16
11
5,665
6
3,305
52
8,18,450
1
2,568
May-16
18
1,771
9
10,645
113
8,63,302
0
0
Jun-16
23
3,224
25
24,730
446
13,91,433
3
4,635
Jul-16
51
13,928
11
11,012
201
5,87,633
4
300
Aug-16
29
9,494
9
1,542
215
1,91,465
4
2,415
Sep-16
103
8,643
21
12,853
695
16,48,534
4
8,528
Oct-16
12
559
28
8,872
57
24,827
10
5,986
Nov-16
49
5,766
6
8,018
172
5,77,812
4
3,000
Dec-16
25
8,309
27
29,116
249
7,89,686
18
3,479
Jan-17
15
9,826
5
1,339
90
5,83,934
1
40
Feb-17
7
5,405
13
55,463
186
3,18,497
1
7,500
Mar-17
25
6,734
29
10,726
171
12,61,926
9
11,932
Apr-17
11
19,557
14
9,679
181
8,07,639
2
1,591
May-17
24
8,266
27
1,17,005
137
5,45,576
9
55,832
Jun-17
40
18,344
30
19,734
434
9,31,613
3
385
Jul-17
56
6,917
73
33,748
369
9,68,893
13
4,045
Aug-17
29
7,757
27
37,924
223
7,04,137
5
2,060
Sep-17
29
10,650
24
27,856
625
21,25,610
14
9,096
Oct-17
13
2,635
9
4,099
285
8,23,420
8
3,261
Nov-17
38
41,178
29
7,297
175
2,86,339
5
4,843
Dec-17
37
6,254
20
10,865
363
7,37,063
13
14,884
Jan-18
21
6,469
14
1,851
210
8,85,098
36
39,528
Feb-18
17
18,691
18
8,481
192
6,85,729
12
53,750
Mar-18
45
8,143
46
24,948
397
12,71,403
14
13,175
Apr-18
28
19,681
7
683
310
5,23,390
3
2,351
May-18
36
8,242
65
58,224
369
6,29,542
11
7,050
Jun-18
122
24,679
31
27,660
604
8,52,388
3
7,235
Jul-18
24
3,101
52
33,375
569
6,94,335
22
13,707
Aug-18
155
1,14,545
63
39,758
520
7,56,647
17
17,147
Sep-18
49
16,440
149
1,16,232
606
15,85,493
59
67,281
Oct-18
83
46,695
38
16,351
351
11,66,734
11
4,195
Nov-18
15
1,348
82
1,29,966
451
5,56,978
52
54,117
Dec-18
72
5,921
52
32,466
476
12,44,178
44
7,39,936
As can be seen, in the last few months, there has been a sharp increase in the downgrades and in the number of companies with debt under rating watch. That is indicative of the building pressure in the solvency of these companies.