mumbai india inc continues to report an improvement in balance sheets on the back of the shedding of debt during the pandemic and an economic recovery led by domestic demandthree leading credit rating agencies on monday reported a significant improvement in the creditworthiness of indian coprorates according to crisil the credit ratio upgrades to downgrades continues to be high at 55 times for the first half of fy23 the ratio was 504 in the second half of fy22 nearly 80 of the corporates covered by crisil had their ratings reaffirmed during the periodcareedge meanwhile said that it has clocked an alltime high credit ratio of 37 times for the same period the credit ratio is on an uptick from 26 times in the second half of the previous financial year to 37 times in h1fy23 in the first half of fy23 careedge ratings upgraded ratings of 318 entities and downgraded only 85 credit ratio for both the investment grade and belowinvestment grade portfolio was at the highest in the last decade at 39 times and 354 timesaround 35 of all upgrades were from the infrastructure sector including large realty players infrastructure sector is in a unique position of largely being a domestic story and generally decoupled from the global headwinds here upgrades were driven by improved operating cash flows completion of crucial project milestones and equity infusion said crisil ratings md gurpreet chhatwal he added that over the last few years the share of government as a counter party has gone upcareedge ratings executive director chief rating officer sachin gupta said these numbers are reassuring and indicate that despite a turbulent global environment amid slowing growth in china and fear of recession in the us the eu the indian economy is relatively better placedicra said the upgrade ratio was highest for real estate 15 we forecast indias gdp to grow by 72 in fy23 as against 87 in fy22 and 66 in fy21 said icra chief rating officer k ravichandran