Moody's upgrades 4 Indian financial institutions' ratings

Moody's upgrades 4 Indian financial institutions' ratings

Moody's on Friday upgraded the government's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive after a gap of 13 years.

While the ratings upgrade gave traders an opportunity to buy after a sustained sell-off since the start of November, the fact that foreign investors are already largely tapped out and can not invest much more in Indian debt due to regulatory restrictions, will be a damper for India's bond market, say traders.

Addressing a press conference after Moody's, one of the major ratings agencies upgraded India's sovereign ratings to Baa2 from Baa3, Jaitley said the recognition will further the determination of the government to do better.

Former Economic Affairs Secretary Shaktikanta Das said in a tweet: "Moodys upgrade India's credit rating after 13 years".

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Last year, India lobbied hard with Moody's for an upgrade, but failed.

The upgrade is likely to have a positive rub-off effect on equities, rupee, and bonds, industry insiders said.

On the fiscal prudence front, Jaitley said as India continues on the path of fiscal prudence, more stability has been brought into the economy.

"Moody's upgrading India's Ratings is a reflection of India growth story and sound economic principles for a #NewIndia". As such, an upgrade of the sovereign rating also drove an upgrade of the bank's BCA and ratings.

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On Friday, the government cheered the upgrade as an endorsement of its reforms.

Radhika Rao, an economist at DBS, said implementation of reforms, a subdued rural sector and weak investment have slowed economic growth while rising oil prices have raised the risks.

The unit rose as high as 64.62 per dollar, the highest in about two weeks, but ended half a point higher at 65.01 a dollar.

Taking on the detractors who blamed the Goods and Services Tax (GST) and demonetisation for destroying businesses, Jaitley said reformative steps including GST and noteban contributed in the betterment of the ratings.

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According to Moody's, real GDP growth will moderate to 6.7 percent in the fiscal year ending in March 2018 and will rise to 7.5 percent in the next financial year with similarly robust levels of growth from 2019 onward. "Longer term, India's growth potential is significantly higher than most other Baa-rated sovereigns", it said.