Moody in Great Mood to Boast India under Modi

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  • 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.

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