India Inc's financial health, measured by the credit ratio of rating upgrades to downgrades, has moderated in the first half of the fiscal year, according to Crisil Ratings. The agency predicts a marginal further dip in the second half, although the credit ratio will remain above 1. The number of upgrades exceeded downgrades, but the latter is increasing due to challenges faced by export-linked sectors. Crisil expects a marginal moderation in the credit ratio in the second half.