Rating agencies – Crisil, India Ratings and CareEdge – reported a moderation in their credit ratios during the second half of FY26, signaling rising stress. A credit ratio measures the proportion of rating upgrades to downgrades. Tide Turns CareEdge said that its credit stood at 1.93 times in H2FY26, lower than 2.56 times observed in the first half. During this period, 363 entities were upgraded and 188 were downgraded. “…..the moderation suggests early signs of stress amid a more challenging environment,” the rating agency said.