The credit ratings (upgrades. down grades and reafirmations) assigned by ratings agencies to companies provide evidence of this improve ment. CARE Ratings's modified credit ratio (MCR). which helps measure mobility in ratings (an increase in the MCR implies stable and improving credit quality of the rated entities). has risen to a three-year high in the second quarter of 2014/15. This ra- tio was below 1 (indicating more downgrades as compared to up- grades) from the fourth quarter of 2011/12 to the first quarter of L 2013/14. reflecting the deterioration in credit quality of companies