Terming debt restructuring a breather for corporates, rating agency Crisil said that liquidity-strapped firms need timely lender approvals to avoid sharp rating action.According to Crisil, the Reserve Bank’s decision to enable lenders to permit a one-time restructuring of loans will ease the liquidity pressure on companies amid the Covid-19 pandemic. “Crisil will factor in the impact of debt restructuring on its rated credits, as and when the process is initiated, and its rating action will depend upon the timeliness and terms of the restructuring of debt,” the rating agency said in a statement.