How have been the rating downgrades and upgrades in the March 2020 quarter?

Since April 2020 beginning, there have been 11 downgrades of rupee debt for every 1 upgrade. That is a huge skew in the downgrade ratio and is not a good signal. As a result of the slew of downgrades, the spread of corporate bond yields over the sovereign benchmark is at the highest level since 2013. Indian companies have nearly Rs.630,000 crore worth of loans repayable in fiscal year 2021. If the spreads are high, it would make it extremely difficult for these companies to be able to refinance the debt at reasonable rates. That would call for another round of stimulus for corporate balance sheets.