The credit metrics of the largest 500 listed corporate borrowers are showing signs of bottoming out. An India Ratings and Research report says the median leverage (net debt/Ebitda) has shown marginal improvement. In FY15, top corporate leverage (median) is estimated at 4.33x against 4.65x in FY14. This is the first time since FY10 that the median leverage has fallen y-o-y. Auto and chemicals sectors are experiencing the least stress and real estate, FMCG, metals/mining, textiles remain the most troubled.
