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India's sovereign rating downgraded by Moody's
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SME Times News Bureau | 01 Jun, 2020
Moody's Investors Services on Monday downgraded India's sovereign
ratings as it assessed that the country's policymaking institutions will
be challenged to mitigate the risks of a sustained period of relatively
low growth.
Consequently, Moody's downgraded India's foreign-currency and local-currency long-term issuer ratings to Baa3 from Baa2.
It
also downgraded India's local-currency senior unsecured rating to Baa3
from Baa2, and its short-term local-currency rating to P-3 from P-2.
Besides, it kept the outlook as negative. Currently, the sovereign rating assigned to India is Baa2 with a negative outlook.
"The
decision to downgrade India's ratings reflects Moody's view that the
country's policymaking institutions will be challenged in enacting and
implementing policies which effectively mitigate the risks of a
sustained period of relatively low growth, significant further
deterioration in the general government fiscal position and stress in
the financial sector," Moody's said.
"The negative outlook
reflects dominant, mutually-reinforcing, downside risks from deeper
stresses in the economy and financial system that could lead to a more
severe and prolonged erosion in fiscal strength than Moody's currently
projects," it added.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
₹95.3
|
₹93.6 |
UK Pound
|
₹127.7
|
₹123.7 |
Euro
|
₹110.65
|
₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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