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PFC vs REC: Why a 23% power credit surge isn’t helping? Morgan Stanley downgrades both

Posted on August 21, 2026
By Financial Express
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1 min read

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PFC vs REC: Why a 23% power credit surge isn’t helping? Morgan Stanley downgrades both

Power-sector credit is surging, but PFC and REC are struggling to capture the growth. Morgan Stanley has downgraded both, flagging weaker loan growth and no near-term catalyst.