Micro Research
Structured finance performance report


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Bottoming Out of India Inc's Credit Metrics Coincides with Historic High Vulnerability

India Ratings & Research (Ind-Ra) says that a number of financial indicators are suggesting a bottoming out of the credit profile of BSE 500 corporates. For instance, FY14 was the first year since FY11 when the corporates' (excluding banking and financial services) yoy growth rate of aggregated EBITDA (14.1%) and funds from operation (FFO; 18.4%) exceeded the growth rate of balance sheet debt (13.8%) and interest expense (10.2%). As such, the number of sectors (nine) showing directional deterioration in operating performance as well as credit metrics is lower than in 2013 (12).

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