Looking at probability of default across BSE 500 constituents, says Macquarie

"The good news is that about 50 percent of the index by marketcap is in a very safe space. It is 'A' rated and above. So the statistical kind of probability of default for that category is 0.06 percent going back to the 1980s. So about 50 percent of the index is in a good space – consumer, IT, healthcare, a bunch of those companies feature there,” Aditya Suresh of Macquarie said.