Pandemic grips credit quality, weakens credit ratio
Intensifying Covid-19 pandemic and a looming global recession have cast an unprecedented cloud over the credit quality outlook of India Inc, which has already been impacted by a slowing economy. This has forced CRISIL to slash its base-case gross domestic product (GDP) growth forecast for fiscal 2021 to 3.5%1.
Slashing India’s growth by 170 bps
The past few days have seen global growth forecasts slashed and financial markets heaving as the Novel Coronavirus (Covid-19) pandemic spread geometrically.