In its update on rating movements, Crisil Ratings said that there is broad-based and sustained improvement in corporate credit profile. The firm saw upgrades exceed downgrades for fiscal year 2019 (FY19) indicating improved health of corporate balance sheets. Crisil's credit ratio, which is the number of upgrades to the number of downgrades, climbed to 1.81 for the October-March period from 1.68 in April-September. Companies have deleveraged their balance sheets to a large extent and have conserved their capital, the rating agency's officials said in a conference call with the media.