CareEdge Ratings Credit Quality Assessment for H2 FY24

CareEdge Ratings' credit ratio, which measures the ratio of upgrades to downgrades, witnessed an upswing, improving to 1.92 in H2FY24 after normalising for the previous two half years, from the peak of 3.74 in H1FY23. The credit ratio is comfortably higher than the 10-year average of 1.57. During H2FY24, CareEdge Ratings upgraded the ratings of 357 entities and downgraded the ratings of 186 entities. The credit ratio of the Investment Grade (IG)(1) entities saw moderation from 1.98 in H1FY24 to 1.90 in H2FY24, while the credit ratio of the Below Investment Grade (BIG)(2) portfolio, improved from 1.18 in H1FY24 to 1.95 in H2FY24, hinting at a broad-based uptick in the credit quality of CareEdge Ratings’ rated portfolio.

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