India's credit rating was downgraded by Moody's Investors Service to the lowest investment grade of Baa3 from Baa2.
India's credit rating was downgraded by Moody's Investors Service to the lowest investment grade of Baa3 from Baa2.In November 2017, Moody's had upgraded India's ratings to Baa2 based on the expectation that effective implementation of key reforms would strengthen the sovereign's credit profile. But the rating was downgraded to Baa3 on 1 June 2020 citing that reforms have been relatively weak and limited policy effectiveness.
India's foreign currency and local currency long-term issuer ratings were downgraded to Baa3 from Baa2. The agency also maintained the outlook as negative as it expected the economy to face slower growth for a prolonged period, rising debts, and stress in the financial sector.
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