Credit rating agencies have this year downgraded debt instruments of 116 companies and upgraded those of 55 firms, according to Capitaline. Debt instruments of 42 companies were rated in the default category in January-May. According to the Securities and Exchange Board of India (Sebi), 97 companies had a junk rating at the end of 2016. With 42 companies added this year, default ratings have risen to their highest in three years. 

Credit rating agencies have this year downgraded debt instruments of 116 companies and upgraded those of 55 firms, according to Capitaline. Debt instruments of 42 companies were rated in the default category in January-May. According to the Securities and Exchange Board of India (Sebi), 97 companies had a junk rating at the end of 2016. With 42 companies added this year, default ratings have risen to their highest in three years.