According to India Ratings and Research report, very few corporates from the mid and emerging segments opted for the Reserve Bank of India's (RBI) one-time debt restructuring following respite from various government schemes such as the Emergency Credit Line Guarantee Scheme (ECLGS) and a faster recovery in demand.

 In August last year, the RBI had announced a onetime restructuring for personal and corporate borrowers affected by the pandemic-related stress. India Ratings said only 5 percent of its rated 450 issuers in the mid and emerging corporates (MEC) space had availed the RBI's financial restructuring facility. "The lower-than-expected restructuring was on account of the various government measures and faster demand recovery in the domestic market, supported by a marginal pickup in exports in certain sectors," the agency said in a report.

 Issuers having availed restructuring are primarily rated in the 'IND BB' and below rating categories with stretched liquidity. Such issuers belong to the industrial and discretionary segments and operate mainly in sectors such as real estate, and construction and engineering, the rating agency said. The Rs 3-lakh crore ECLGS and the COVID-19 loans provided by banks offered respite to the issuers with weak liquidity and increased their ability to withstand the sustained cash flow pressures.

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