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Encouraging to gain worldwide recognition: Jaitley on Moody rating

18 November, 2017, 02:00 | Author: Kristen Ingram
  • The upgrade is a shot in the arm for Prime Minister Narendra Modi’s government and the reforms it has pushed through-Reuters

"Moody's has upgraded the government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive", the global rating agency said in a release on Friday, adding that the government's wide-ranging economic and institutional reforms will improve the business climate and foster strong and sustainable growth.

The 10-year bond yield ended at 7.05 per cent, after hitting a low of 6.94 per cent earlier in the day after Moody's upgraded India's sovereign rating. In addition, it has changed to stable from positive the ratings outlook for IRFC; EXIM India and its London branch; HDFC Bank, its Bahrain and Hong Kong branches; as well as SBI and its Hong Kong, London, and Nassau branches. The agency raised doubts about the country's debt levels and fragile banks, and declined to budge despite the government's criticism of its rating methodology.

The agency said the reforms initiated by the Indian government could improve the business climate, productivity, stimulating foreign and domestic investment, and hence fostering strong and sustainable growth. "The rating agency too has now confirmed it formally, which is welcome".

Chief Economic Adviser (CEA) Arvind Subramanian on Friday said that India's sovereign rating upgradation was long overdue.

Talking about policy decisions like demonetisation and GST implementation, he said that a series of steps taken by the government are taking Indian economy to a greater formalisation and digitization which is being universally acknowledged.

"It is a major global recognition of major economic and institutional reforms undertaken by the Government of India", he said while addressing a press conference here.

Still, some market participants questioned the timing of the move.

The agency also raised India's local currency senior unsecured debt rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3. It also claimed that India's growth potential superseded that of many other sovereign nations.

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