The credit profile of Indian-companies has deteriorated in the nine-months of the fiscal hurt by a sharp slowdown in GDP growth. India Ratings an arm of rating agency Fitch has downgraded 188 issuer ratings versus 103 upgrades during the period. As a result the downgrade to upgrade ratio has deteriorated to 1.83 in the first-nine-months of the fiscal from 0.86 in the fiscal 2019.