Business Mantra News
- Credit Rating Agency Moody’s Investors Services has evaluated up-gradation for Indian Sovereign Rating to Baa2 from the lowest Baa3 after a gap of 13 years.
- This has been the result of steps taken by the present government to boast economy and reformation of financial institutions.
- Previously the outlook for India was Positive and now improved to stable.
- India has great potential for growth and with stable financial base, India can move forward with a good standing at International Level.
- For Long Term Foreign Currency Bond Ceiling the rating has improved from Baa2 to Baa1 and for Long Term Foreign Currency Bank Deposits Ceiling it remains unchanged at A-1.
- Short Term Foreign Currency Bod Ceiling has not changed and remains at P-2 whereas Short Term Foreign Currency Bank Deposit Ceiling has also improved from P-3 to P-2.
- India’s Local Currency Senior Unsecured Rating has also improved from Baa3 to Baa2 and also upgraded Short Term Currency Senior from P-3 to P-2
- Moody has also evaluated Up-gradation from Baa3 to Baa2 for four financial institutions namely State Bank of India, HDFC Bank Ltd., Exim Bank and Indian Railway Finance Corporation (IRFC)
- It is noteworthy to mention that Moody’s as well as Standard & Poor’s (S & P) has down-graded Chinese Sovereign Rating.