With a debt-to-gross domestic product (GDP) ratio of roughly 69 per cent, India’s debt level is significantly higher than the median for countries rated at the same level of Baa2
by Moody’s, show data. The median debt-to-GDP ratio of 10 countries rated Baa2
comes to around 42.8 per cent.
A country's debt-to-GDP ratio is a key metric that rating agencies like Moody's factor into their analyses.
Of all the countries in this group, Italy
has the highest debt-to-GDP ratio, at 132.1 per cent, while Bulgaria, with a ratio of 26.2 per cent, is the least indebted. The Philippines, the only other country in the Asia-Pacific region in this category, has a debt-to-GDP ratio of 37.2 per cent.