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Moody's upgrades India's rating outlook to stable
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SME Times News Bureau | 01 Oct, 2021
Global ratings agency Moody's Investors Service on Tuesday changed India's ratings outlook to stable from negative.
Accordingly,
Moody's affirmed the country's foreign-currency and local currency
long-term issuer ratings and the local-currency senior unsecured rating
at Baa3.
Moody's also affirmed India's other short-term local currency rating at P-3.
"The
decision to change the outlook to stable reflects Moody's view that the
downside risks from negative feedback between the real economy and
financial system are receding," the agency said in its ratings report.
"With
higher capital cushions and greater liquidity, banks and non-bank
financial institutions pose much lesser risk to the sovereign than
Moody's previously anticipated."
Besides, it pointed out that risks stemming from a high debt burden and weak debt affordability remain.
Furthermore,
Moody's expects that the economic environment will allow for a gradual
reduction of the general government fiscal deficit over the next few
years, preventing further deterioration of the sovereign credit profile.
"The
affirmation of the Baa3 ratings balances India's key credit strengths,
which include a large and diversified economy with high growth
potential, a relatively strong external position, and a stable domestic
financing base for government debt, against its principal credit
challenges, including low per capita incomes, high general government
debt, low debt affordability and more limited government effectiveness."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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