Moody’s Investors Service and its Indian affiliate, ICRA, say that their stable outlook for non-financial corporates in India (rated Baa3 positive by Moody’s) over the next 12-18 months reflects in large part the country’s sustained economic growth. Strong GDP growth, capacity additions and stabilizing commodity prices will support EBITDA growth of 6%-12% over the next 12-18 months. The capex cycle for Indian corporates has peaked, as projects near completion, and declining investments will slow the pace of borrowing over the next 12-18 months. Moreover, refinancing needs are manageable for most corporates in 2017, given their better access to the capital markets and large cash balances.

(Business Standard)